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Beliebt Word Problems >

Nate deposited 1,000 in an account earning 5% interest compounded annually.To the nearest cent, how much will he have in 4 years?

Lösung

N a t e d e p os i t e d 1, 000 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 w i ll h e ha v e in 4 ye a rs ?

Lösung

Amount : 1215.51

Schritte zur Lösung

Translate the problem into an equation:

A = 1000 (1 + \frac{0.05}{1})^{1 \cdot 4}

1000 (1 + \frac{0.05}{1})^{1 \cdot 4} = 1215.50625

Round to the nearest hundredth:

1215.51

Amount : 1215.51

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