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Populaire Word Problems >

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?

Solution

A d am o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 6, 189.00 a s p r in c i p a l . T h e a cco u n t e a r n s 8% in t eres t, co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce a f t er 9 ye a rs ?

Solution

Amount : 12371.84

étapes des solutions

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

Arrondir à hundredth la plus proche:

12371.84

Amount : 12371.84

Exemples populaires

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