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Populaire Word Problems >

Alexa is saving up money to buy a car. Alexa puts 5,391.00 into an account which earns 2% interest, compounded annually. How much will she have in the account after 2 years?

Solution

A l e x a i s s a v in g u p m o n ey t o b u y a c a r . A l e x a p u t s 5, 391.00 in t o an a cco u n t w hi c h e a r n s 2% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 2 ye a rs ?

Solution

Amount : 5608.8

étapes des solutions

Translate the problem into an equation:

A = 5391 (1 + \frac{0.02}{1})^{1 \cdot 2}

5391 (1 + \frac{0.02}{1})^{1 \cdot 2} = 5608.7964

Arrondir à hundredth la plus proche:

5608.8

Amount : 5608.8

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