Carmen opened a savings account and deposited 100.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 8 years?

Solución

Solución

Amount : 285.26

Pasos de solución

Translate the problem into an equation:

A = 100 (1 + \frac{0.14}{1})^{1 \cdot 8}

100 (1 + \frac{0.14}{1})^{1 \cdot 8} = 285.25864 \dots

Round to the nearest hundredth:

285.26

Amount : 285.26

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