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Popular >

Suppose that 10, 000 is invested at 7% interest. Find the amount of money in the account after 99 years if the interest is compounded annually.

Solución

Suppose that 10, 000 is invested at 7% interest. Find the amount of money in the account after 99 years if the interest is compounded annually.

Solución

Amount : 8109498.37

Pasos de solución

Translate the problem into an equation:

A = 10000 (1 + \frac{0.07}{1})^{1 \cdot 99}

10000 (1 + \frac{0.07}{1})^{1 \cdot 99} = 8109498.36977 \dots

Round to the nearest hundredth:

8109498.37

Amount : 8109498.37

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