Billy opened a savings account and deposited 1,000.00 as principal. The account earns 5% interest, compounded annually. What is the balance after 3 years?

Solution

Billy opened a savings account and deposited 1, 000.00 as principal. The account earns 5% interest, compounded annually. What is the balance after 3 years?

Solution

Amount : 1157.625

étapes des solutions

Translate the problem into an equation:

A = 1000 (1 + \frac{0.05}{1})^{1 \cdot 3}

1000 (1 + \frac{0.05}{1})^{1 \cdot 3} = 1157.625

Amount : 1157.625

Exemples populaires

The différence of twice a number and 5 is at most 24 The population of Denmark is 6.6 million people. Every year after, the population is expected to go down at a rate of 8.7%. Write an equation to represent this situation.You deposit 2000 in an account earning 6% interest compounded continuously. How much will you have in the account in 10 years?If you borrow 1500 for 5 years at an annual interest rate of 5% , what is the total amount of money you will pay back?If 300 is invested at an interest rate of 5.5% per year, find the amount of the investment at the end of 15 years