Hakim opened a savings account and deposited 500.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 9 years?

Solución

Solución

Amount : 1279.02

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.11}{1})^{1 \cdot 9}

500 (1 + \frac{0.11}{1})^{1 \cdot 9} = 1279.01846 \dots

Round to the nearest hundredth:

1279.02

Amount : 1279.02

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