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

Solución

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

Solución

Amount : 1276.28

Pasos de solución

Translate the problem into an equation:

A = 1000 (1 + \frac{0.05}{1})^{1 \cdot 5}

1000 (1 + \frac{0.05}{1})^{1 \cdot 5} = 1276.28156 \dots

Round to the nearest hundredth:

1276.28

Amount : 1276.28

Ejemplos populares

The circunferencia of a circle is 3pi kilometers. What is the radius?Jenna put 4,000 in a retirement account that offers 7% interest compounded annually. She makes no additional deposits or withdrawals. How much interest will she have earned at the end of 5 years?Write the statement the sum of a number and 17.3 is at least-2.8 as an inequality.Negative nine equals a number plus five.real number 1/9