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Popular Word Problems >

You deposit 50 in an investment account that earns 3.2% annual interest compounded annually.What is the balance of the account after 4 years?

Solución

Y o u d e p os i t 50 in an in v es t m e n t a cco u n t t ha t e a r n s 3.2% ann u a l in t eres t co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce o f t h e a cco u n t a f t er 4 ye a rs ?

Solución

Amount : 56.71

Pasos de solución

Translate the problem into an equation:

A = 50 (1 + \frac{0.032}{1})^{1 \cdot 4}

50 (1 + \frac{0.032}{1})^{1 \cdot 4} = 56.71380 \dots

Redondear al más cercano hundredth:

56.71

Amount : 56.71

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