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Beliebt Word Problems >

Leslie puts 3,000.00 into an account to use for school expenses. The account earns 13% interest, compounded annually. How much will be in the account after 5 years?

Lösung

L es l i e p u t s 3, 000.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 13% 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 b e in t h e a cco u n t a f t er 5 ye a rs ?

Lösung

Amount : 5527.31

Schritte zur Lösung

Translate the problem into an equation:

A = 3000 (1 + \frac{0.13}{1})^{1 \cdot 5}

3000 (1 + \frac{0.13}{1})^{1 \cdot 5} = 5527.30553 \dots

Round to the nearest hundredth:

5527.31

Amount : 5527.31

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