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Popolare Word Problems >

Franco has 80 in an account. The interest rate is 5% compounded annually.To the nearest cent, how much will he have in 3 years?

Soluzione

F r an co ha s 80 in an a cco u n t . T h e in t eres t r a t e i s 5% 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 w i ll h e ha v e in 3 ye a rs ?

Soluzione

Amount : 92.61

Fasi della soluzione

Translate the problem into an equation:

A = 80 (1 + \frac{0.05}{1})^{1 \cdot 3}

80 (1 + \frac{0.05}{1})^{1 \cdot 3} = 92.61

Amount : 92.61

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