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Popular Word Problems >

Polly has 10 in an account that earns 5% interest compounded annually.To the nearest cent, how much will she have in 2 years?

Solución

P o ll y ha s 10 in an a cco u n t t ha t e a r n s 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 s h e ha v e in 2 ye a rs ?

Solución

Amount : 11.025

Pasos de solución

Translate the problem into an equation:

A = 10 (1 + \frac{0.05}{1})^{1 \cdot 2}

10 (1 + \frac{0.05}{1})^{1 \cdot 2} = 11.025

Amount : 11.025

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