An employee put 5,000.00 in a retirement account that offers 9% interest compounded annually. The employee makes no additional deposits or withdrawals. How much interest will the employee have earned at the end of 5 years?

Solución

An employee put 5, 000.00 in a retirement account that offers 9% interest compounded annually. The employee makes no additional deposits or withdrawals. How much interest will the employee have earned at the end of 5 years?

Solución

Interest : 2693.12

Pasos de solución

Translate the problem into an equation:

7693.11977 \dots = 5000 + I

Resolver para

I, 7693.11977 \dots = 5000 + I : I = 2693.12

Interest : 2693.12

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