Roy puts 1,000.00 into an account to use for school expenses. The account earns 15% interest, compounded annually. How much will be in the account after 5 years?

Solución

Roy puts 1, 000.00 into an account to use for school expenses. The account earns 15% interest, compounded annually. How much will be in the account after 5 years?

Solución

Amount : 2011.36

Pasos de solución

Translate the problem into an equation:

A = 1000 (1 + \frac{0.15}{1})^{1 \cdot 5}

1000 (1 + \frac{0.15}{1})^{1 \cdot 5} = 2011.35718 \dots

Round to the nearest hundredth:

2011.36

Amount : 2011.36

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