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Popular Word Problems >

Rachel deposited 10 in an account earning 5% interest compounded annually.To the nearest cent, how much interest will she earn in 3 years?

Solución

R a c h e l d e p os i t e d 10 in an a cco u n t e a r nin g 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 in t eres t w i ll s h e e a r n in 3 ye a rs ?

Solución

Interest : 1.58

Pasos de solución

Translate the problem into an equation:

11.57625 = 10 + I

Resolver para

I, 11.57625 = 10 + I : I = 1.58

Interest : 1.58

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