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Popular Word Problems >

Kendra opened a savings account and deposited 100.00 as principal. The account earns 3% interest, compounded monthly. How much interest will she earn after 3 years?

Solución

Ke n d r a o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 100.00 a s p r in c i p a l . T h e a cco u n t e a r n s 3% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h in t eres t w i ll s h e e a r n a f t er 3 ye a rs ?

Solución

Interest : 9.41

Pasos de solución

Translate the problem into an equation:

109.40514 \dots = 100 + I

Resolver para

I, 109.40514 \dots = 100 + I : I = 9.41

Interest : 9.41

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