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Popular Word Problems >

Ellen puts 1,000.00 into an account to use for school expenses. The account earns 10% interest, compounded annually. How much will be in the account after 4 years?Round your answer to the nearest cent.

Solución

Ell e n p u t s 1, 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 10% 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 4 ye a rs ? R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Solución

Amount : 1464.1

Pasos de solución

Translate the problem into an equation:

A = 1000 (1 + \frac{0.1}{1})^{1 \cdot 4}

1000 (1 + \frac{0.1}{1})^{1 \cdot 4} = 1464.1

Amount : 1464.1

Ejemplos populares

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