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Popular Word Problems >

Brenda deposited 2,059 in an account earning 1% interest compounded annually.To the nearest cent, how much will she have in 1 year?

Solución

B re n d a d e p os i t e d 2, 059 in an a cco u n t e a r nin g 1% 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 s h e ha v e in 1 ye a r ?

Solución

Amount : 2079.59

Pasos de solución

Translate the problem into an equation:

A = 2059 (1 + \frac{0.01}{1})^{1 \cdot 1}

2059 (1 + \frac{0.01}{1})^{1 \cdot 1} = 2079.59

Amount : 2079.59

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