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Populaire Word Problems >

Bob has 2,017 in an account that earns 11% interest compounded annually.To the nearest cent, how much interest will he earn in 5 years?

Solution

B o b ha s 2, 017 in an a cco u n t t ha 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 . T o t h e n e a res t ce n t, h o w m u c h in t eres t w i ll h e e a r n in 5 ye a rs ?

Solution

Interest : 1381.76

étapes des solutions

Translate the problem into an equation:

3398.76229 \dots = 2017 + I

Solutionner pour

I, 3398.76229 \dots = 2017 + I : I = 1381.76

Interest : 1381.76

Exemples populaires

Henry wants to save 54,000 for his dream vacation. How much will he need to invest in an account with 8.2% APR, compounding daily, in ordonner to reach his goal in 5 years?Determine the future value if 750 is invested at 7.25% for 4 years compounded annually. 992.32b One number is 9 more than another number. Twice the sum of the two numbers is 10. Let x and y be the 2 numbers Twice the différence of a number and 5 is 2 equation Find two consecutive whole numbers that sqrt(58) lies between.