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Popolare Word Problems >

Nate has 70 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Soluzione

N a t e ha s 70 in an a cco u n t t ha 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 . 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 : 81.03

Fasi della soluzione

Translate the problem into an equation:

A = 70 (1 + \frac{0.05}{1})^{1 \cdot 3}

70 (1 + \frac{0.05}{1})^{1 \cdot 3} = 81.03375

Arrotondare all' hundredth più vicino:

81.03

Amount : 81.03

Esempi popolari

Kinsley opened a savings account and deposited 400.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 5 years?Round your answer to the nearest cent.four times a number is no more than 108 2% of what number is 45 Find two consecutive whole numbers that sqrt(67) lies between.the sum of two consecutive integers is 125. find the two integers