Kamal puts 2,253.00 into an account to use for school expenses. The account earns 8% interest, compounded annually. How much will be in the account after 9 years?

Solución

Kamal puts 2, 253.00 into an account to use for school expenses. The account earns 8% interest, compounded annually. How much will be in the account after 9 years?

Solución

Amount : 4503.76

Pasos de solución

Translate the problem into an equation:

A = 2253 (1 + \frac{0.08}{1})^{1 \cdot 9}

2253 (1 + \frac{0.08}{1})^{1 \cdot 9} = 4503.75742 \dots

Round to the nearest hundredth:

4503.76

Amount : 4503.76

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