Ian opened a savings account and deposited 100.00 as principal. The account earns 6% interest, compounded annually. What is the balance after 9 years?

Solución

Solución

Amount : 168.95

Pasos de solución

Translate the problem into an equation:

A = 100 (1 + \frac{0.06}{1})^{1 \cdot 9}

100 (1 + \frac{0.06}{1})^{1 \cdot 9} = 168.94789 \dots

Round to the nearest hundredth:

168.95

Amount : 168.95

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