Katy opened a savings account and deposited 1,521.00 as principal. The account earns 6% interest, compounded annually. What is the balance after 5 years?

Solución

Katy opened a savings account and deposited 1, 521.00 as principal. The account earns 6% interest, compounded annually. What is the balance after 5 years?

Solución

Amount : 2035.44

Pasos de solución

Translate the problem into an equation:

A = 1521 (1 + \frac{0.06}{1})^{1 \cdot 5}

1521 (1 + \frac{0.06}{1})^{1 \cdot 5} = 2035.44110 \dots

Round to the nearest hundredth:

2035.44

Amount : 2035.44

Ejemplos populares

five less than twice a number is 7 the sum of 7 and a number is 23.The sum of three consecutive integers is minus,−51. Find the value of the middle of the three.kyle can make 2 cookies in three hours what is the unitario rate of cookies he makes per hour You deposit 200 in an account that earns simple interest at an annual rate of 5.2%.How much money is in the account after 5 years?