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Populaire Word Problems >

Naomi puts 2,000.00 into an account to use for school expenses. The account earns 5% interest, compounded annually. How much will be in the account after 7 years?

Solution

N a o mi p u t s 2, 000.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 5% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 7 ye a rs ?

Solution

Amount : 2814.2

étapes des solutions

Translate the problem into an equation:

A = 2000 (1 + \frac{0.05}{1})^{1 \cdot 7}

2000 (1 + \frac{0.05}{1})^{1 \cdot 7} = 2814.20084 \dots

Arrondir à hundredth la plus proche:

2814.2

Amount : 2814.2

Exemples populaires

The perimeter of a rectangular mat is 16 feet. It is 6 feet long. How wide is it?Avery puts 2,000.00 into an account to use for school expenses. The account earns 15% interest, compounded annually. How much will be in the account after 7 years?Carolyn invested 500, compounded quarterly, for 2 years. At what interest rate will she need to invest if she wants 552.25 at the end of the term?If a company matches an employee 5% of their salary into a retirement account and the employees salary is 57,817.00, how much it is at the end of the year?How much would you need to deposit in an account now in ordonner to have 3000 in the account in 5 years? Assume the account earns 8% interest compounded monthly.