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Beliebt Word Problems >

Adriana opened a savings account and deposited 7,593.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 8 years?

Lösung

A d r iana 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 7, 593.00 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 8 ye a rs ?

Lösung

Amount : 21659.69

Schritte zur Lösung

Translate the problem into an equation:

A = 7593 (1 + \frac{0.14}{1})^{1 \cdot 8}

7593 (1 + \frac{0.14}{1})^{1 \cdot 8} = 21659.68870 \dots

Round to the nearest hundredth:

21659.69

Amount : 21659.69

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