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Populaire Word Problems >

Bernie deposited 2,000 in an account earning 10% interest compounded annually.To the nearest cent, how much will he have in 5 years?

Solution

B er ni e d e p os i t e d 2, 000 in an a cco u n t e a r nin g 10% 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 5 ye a rs ?

Solution

Amount : 3221.02

étapes des solutions

Translate the problem into an equation:

A = 2000 (1 + \frac{0.1}{1})^{1 \cdot 5}

2000 (1 + \frac{0.1}{1})^{1 \cdot 5} = 3221.02

Amount : 3221.02

Exemples populaires

Find the final amount of money in an account if 8,100 is deposited at 6.5 % interest compounded weekly and the money is left for 6 years. Round the answer to 2 decimal places.Money is borrowed at 11% simple interest. After one year, 607.17 pays off the loan. How much was originally borrowed?Nine times a number diminished by 4 is 95 How much would you need to deposit in an account now in ordonner to have 4000 in the account in 5 years? Assume the account earns 4% interest compounded monthly.two times a number