Adam opened a savings account and deposited 6,189.00 as principal. The account earns 8% interest, compounded annually. What is the balance after 9 years?

Solución

Adam opened a savings account and deposited 6, 189.00 as principal. The account earns 8% interest, compounded annually. What is the balance after 9 years?

Solución

Amount : 12371.84

Pasos de solución

Translate the problem into an equation:

A = 6189 (1 + \frac{0.08}{1})^{1 \cdot 9}

6189 (1 + \frac{0.08}{1})^{1 \cdot 9} = 12371.83963 \dots

Round to the nearest hundredth:

12371.84

Amount : 12371.84

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