Charlotte opened a savings account and deposited 6,000.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 9 years?

Solución

Charlotte opened a savings account and deposited 6, 000.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 9 years?

Solución

Amount : 19511.69

Pasos de solución

Translate the problem into an equation:

A = 6000 (1 + \frac{0.14}{1})^{1 \cdot 9}

6000 (1 + \frac{0.14}{1})^{1 \cdot 9} = 19511.69112 \dots

Round to the nearest hundredth:

19511.69

Amount : 19511.69

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