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Popolare Word Problems >

Cody and Riley deposit 500.00 into a savings account which earns 14% interest compounded annually. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Soluzione

C o d y an d R i l ey d e p os i t 500.00 in t o a s a v in g s a cco u n t w hi c h e a r n s 14% in t eres t co m p o u n d e d ann u a ll y . T h ey w an t t o u se t h e m o n ey in t h e a cco u n t t o g o o n a t r i p in 3 ye a rs . Ho w m u c h w i ll t h ey b e ab l e t o s p e n d ?

Soluzione

Amount : 740.772

Fasi della soluzione

Translate the problem into an equation:

A = 500 (1 + \frac{0.14}{1})^{1 \cdot 3}

500 (1 + \frac{0.14}{1})^{1 \cdot 3} = 740.772

Amount : 740.772

Esempi popolari

George invested 27,700 at 9% to be compounded daily. What will be the value of George's investment in 3 years?fifteen less than the square of a number is the same as twice the number Two trains leave stations 300 miles apart at the same time and travel toward each other. One train travels at 85 miles per hour while the other travels at 70 miles per hour. How long will it take for the two trains to meet?To the nearest two decimal places, find the amount in a bank account after 5 years at 6% annual percentage rate compounded monthly if the money initially deposited was 15,000 .You deposit 5000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years?