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?

Solución

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?

Solución

Amount : 5527.31

Pasos de solución

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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