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Popular Word Problems >

Evelyn has 90 in an account. The interest rate is 5% compounded annually.To the nearest cent, how much will she have in 3 years?

Solution

E v e l y n ha s 90 in an a cco u n t . T h e in t eres t r a t e i s 5% co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll s h e ha v e in 3 ye a rs ?

Solution

Amount : 104.19

Solution steps

Translate the problem into an equation:

A = 90 (1 + \frac{0.05}{1})^{1 \cdot 3}

90 (1 + \frac{0.05}{1})^{1 \cdot 3} = 104.18625

Round to the nearest hundredth:

104.19

Amount : 104.19

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