Zack puts 500.00 into an account to use for school expenses. The account earns 12% interest, compounded annually. How much will be in the account after 10 years?

Solución

Solución

Amount : 1552.92

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.12}{1})^{1 \cdot 10}

500 (1 + \frac{0.12}{1})^{1 \cdot 10} = 1552.92410 \dots

Round to the nearest hundredth:

1552.92

Amount : 1552.92

Ejemplos populares

Six less than twice a number x is four.The value of sqrt(8) is between which two consecutive integers?Eight more than the product of a number and 4 equals 3 Seven less than the product of 3 and a number is equal to 8 .Determine the simple interest earned on 22,500after 15 years if the APR is 6%.