Gordon opened a savings account and deposited 500.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 2 years?

Solución

Solución

Amount : 649.8

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.14}{1})^{1 \cdot 2}

500 (1 + \frac{0.14}{1})^{1 \cdot 2} = 649.8

Amount : 649.8

Ejemplos populares

rectángulo has a width of 52 centimeters and a perimeter of 220 centimeters. What is the rectángulo's length?The difference between the squares of two consecutive odd numbers proof Jeffrey and Colleen deposit 800.00 into a savings account which earns 9% interest compounded annually. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?The sum of a number and 5 If you borrow 758 for two years at an interest rate of 6%, how much interest will you pay?