Zoe opened a savings account and deposited 445.00 as principal. The account earns 1% interest, compounded annually. What is the balance after 6 years?

Solución

Solución

Amount : 472.38

Pasos de solución

Translate the problem into an equation:

A = 445 (1 + \frac{0.01}{1})^{1 \cdot 6}

445 (1 + \frac{0.01}{1})^{1 \cdot 6} = 472.37646 \dots

Round to the nearest hundredth:

472.38

Amount : 472.38

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