Harper puts 200.00 into an account to use for school expenses. The account earns 11% interest, compounded annually. How much will be in the account after 9 years?

Solución

Solución

Amount : 511.61

Pasos de solución

Translate the problem into an equation:

A = 200 (1 + \frac{0.11}{1})^{1 \cdot 9}

200 (1 + \frac{0.11}{1})^{1 \cdot 9} = 511.60738 \dots

Round to the nearest hundredth:

511.61

Amount : 511.61

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