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Popolare Word Problems >

You deposit 170 in an investment account that earns 3.7% annual interest compounded annually.What is the balance of the account after 7 years?

Soluzione

Y o u d e p os i t 170 in an in v es t m e n t a cco u n t t ha t e a r n s 3.7% ann u a l in t eres t co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce o f t h e a cco u n t a f t er 7 ye a rs ?

Soluzione

Amount : 219.23

Fasi della soluzione

Translate the problem into an equation:

A = 170 (1 + \frac{0.037}{1})^{1 \cdot 7}

170 (1 + \frac{0.037}{1})^{1 \cdot 7} = 219.23011 \dots

Arrotondare all' hundredth più vicino:

219.23

Amount : 219.23

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