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Popular Word Problems >

Alexander invested 240 in an account paying an interest rate of 2.3% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 9 years?

Solução

A l e x an d er in v es t e d 240 in an a cco u n t p a y in g an in t eres t r a t e o f 2.3% co m p o u n d e d ann u a ll y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t d o ll a r, w o u l d b e in t h e a cco u n t a f t er 9 ye a rs ?

Solução

Amount : 294.5

Passos da solução

Translate the problem into an equation:

A = 240 (1 + \frac{0.023}{1})^{1 \cdot 9}

240 (1 + \frac{0.023}{1})^{1 \cdot 9} = 294.50450 \dots

Round to the nearest hundredth:

294.5

Amount : 294.5

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