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Beliebt Word Problems >

Khalil opened a savings account and deposited 300.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 4 years?

Lösung

K ha l i l o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 300.00 a s p r in c i p a l . T h e a cco u n t e a r n s 11% in t eres t, co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce a f t er 4 ye a rs ?

Lösung

Amount : 455.42

Schritte zur Lösung

Translate the problem into an equation:

A = 300 (1 + \frac{0.11}{1})^{1 \cdot 4}

300 (1 + \frac{0.11}{1})^{1 \cdot 4} = 455.421123

Round to the nearest hundredth:

455.42

Amount : 455.42

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