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Popolare Word Problems >

Bryan opened a savings account and deposited 2,907.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 5 years?

Soluzione

B ry an o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 2, 907.00 a s p r in c i p a l . T h e a cco u n t e a r n s 14% 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 a f t er 5 ye a rs ?

Soluzione

Amount : 5597.18

Fasi della soluzione

Translate the problem into an equation:

A = 2907 (1 + \frac{0.14}{1})^{1 \cdot 5}

2907 (1 + \frac{0.14}{1})^{1 \cdot 5} = 5597.18019 \dots

Arrotondare all' hundredth più vicino:

5597.18

Amount : 5597.18

Esempi popolari

four times the sum of a number and 9 is equal to 2 A fair die is to be thrown twice. What is the probability that the result on the first thrown is 5 and an even number on the second throw?Eight minus a number divided by three is greater than or equal to eleven Suppose that a loan of 4,000 is given at an interest rate of 2% compounded each year. find the amount owed after 1 year Eleven less than two times a number x is twenty-nine.