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Populaire Word Problems >

Harry puts 200.00 into an account to use for school expenses. The account earns 10% interest, compounded annually. How much will be in the account after 9 years?

Solution

H a rry p u t s 200.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 10% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 471.59

étapes des solutions

Translate the problem into an equation:

A = 200 (1 + \frac{0.1}{1})^{1 \cdot 9}

200 (1 + \frac{0.1}{1})^{1 \cdot 9} = 471.58953 \dots

Arrondir à hundredth la plus proche:

471.59

Amount : 471.59

Exemples populaires

Erica opened a savings account and deposited 2,000.00. The account earns 12% interest, compounded annually. If she wants to use the money to buy a new bicycle in 2 years, how much will she be able to spend on the bike?The radius of a circle is 17 feet. What is the circle's circonférence?Mason invested 65,000 in an account paying an interest rate of 4.6% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 142,200?The sum of 3 consecutive even numbers is 183 Find the future value and interest earned if 8706.54 is invested for 8 years at 6% compounded 1(a) The future value when interest is compounded semiannually is approximately