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Popolare Word Problems >

Brendan deposited 3,967 in an account earning 5% interest compounded annually.To the nearest cent, how much interest will he earn in 5 years?

Soluzione

B re n d an d e p os i t e d 3, 967 in an a cco u n t e a r nin g 5% in t eres t 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 5 ye a rs ?

Soluzione

Interest : 1096.01

Fasi della soluzione

Translate the problem into an equation:

5063.00895 \dots = 3967 + I

Risolvi per

I, 5063.00895 \dots = 3967 + I : I = 1096.01

Interest : 1096.01

Esempi popolari

11 more than a number is 11 Kimberly opened a savings account 10 years ago. The account earns 1% interest, compounded annually. If the current balance is 300.00, how much did she deposit initially?Two jets are flying towards each other from airports that are 1200 km apart. One jet is flying at 250 km/h and the other jet at 350 km/h. If they took off at the same time, how long will it take for the jets to pass each other?5 more than the product of a number and 9 is 2 The Elders hope to accumulate 8000 for a sunroom over the next 8 years. How much would they need to invest right now at 3.4% compounded quarterly to reach that goal? Do not round any intermediate computations. Round your answer to the nearest cent.