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Populaire Word Problems >

Henry has 3,261 in an account. The interest rate is 5% compounded annually.To the nearest cent, how much interest will he earn in 1 year?

Solution

He n ry ha s 3, 261 in an a cco u n t . T h e in t eres t r a t e i s 5% co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h in t eres t w i ll h e e a r n in 1 ye a r ?

Solution

Interest : 163.05

étapes des solutions

Translate the problem into an equation:

3424.05 = 3261 + I

Solutionner pour

I, 3424.05 = 3261 + I : I = 163.05

Interest : 163.05

Exemples populaires

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