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Popular Word Problems >

Brody invested 220 in an account paying an interest rate of 3.6% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 17 years?

Solução

B ro d y in v es t e d 220 in an a cco u n t p a y in g an in t eres t r a t e o f 3.6% 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 t e n d o ll a rs, w o u l d b e in t h e a cco u n t a f t er 17 ye a rs ?

Solução

Amount : 401.36

Passos da solução

Translate the problem into an equation:

A = 220 (1 + \frac{0.036}{1})^{1 \cdot 17}

220 (1 + \frac{0.036}{1})^{1 \cdot 17} = 401.36409 \dots

Round to the nearest hundredth:

401.36

Amount : 401.36

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