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Popular Word Problems >

You deposit 5,000 into a savings account that offers a 1.9% APR. How much will you have in total after one year?

Solution

Y o u d e p os i t 5, 000 in t o a s a v in g s a cco u n t t ha t o ff ers a 1.9% A PR . Ho w m u c h w i ll yo u ha v e in t o t a l a f t er o n e ye a r ?

Solution

Amount : 5095

Solution steps

Translate the problem into an equation:

A = 5000 (1 + 0.019 \cdot 1)

5000 (1 + 0.019 \cdot 1) = 5095

Amount : 5095

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