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Popolare Word Problems >

Kimberly has 400 in an account that earns 5% interest compounded annually.To the nearest cent, how much will she have in 1 year?

Soluzione

K imb er l y ha s 400 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 1 ye a r ?

Soluzione

Amount : 420

Fasi della soluzione

Translate the problem into an equation:

A = 400 (1 + \frac{0.05}{1})^{1 \cdot 1}

400 (1 + \frac{0.05}{1})^{1 \cdot 1} = 420

Amount : 420

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