Levi opened a savings account and deposited 700.00 as principal. The account earns 10% interest, compounded annually. What is the balance after 6 years?

Solución

Solución

Amount : 1240.09

Pasos de solución

Translate the problem into an equation:

A = 700 (1 + \frac{0.1}{1})^{1 \cdot 6}

700 (1 + \frac{0.1}{1})^{1 \cdot 6} = 1240.0927

Round to the nearest hundredth:

1240.09

Amount : 1240.09

Ejemplos populares

Simon and Hazel deposit 500.00 into a savings account which earns 11% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?Sam and Rosanne deposit 10,000.00 into a savings account which earns 1% 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?what is the approximate circunferencia of a circle with 6 radius Lauren's age is half of Joe's age. Emma is four years older than Joe. Pat is 4/5 of Lauren's and Joe's age squared. The sum of Lauren, Emma, and Joe's age is 234. How old is Pat?A square mat has sides that are 20 inches long. What is the mat's perimeter?