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Beliebt Word Problems >

Find the final amount of money in an account if 5900 is deposited at 2% interest compounded annually and the money is left for 8 years.

Lösung

F in d t h e f ina l am o u n t o f m o n ey in an a cco u n t i f 5900 i s d e p os i t e d a t 2% in t eres t co m p o u n d e d ann u a ll y an d t h e m o n ey i s l e f t f or 8 ye a rs .

Lösung

Amount : 6912.79

Schritte zur Lösung

Translate the problem into an equation:

A = 5900 (1 + \frac{0.02}{1})^{1 \cdot 8}

5900 (1 + \frac{0.02}{1})^{1 \cdot 8} = 6912.79034 \dots

Round to the nearest hundredth:

6912.79

Amount : 6912.79

Beliebte Beispiele

Six and two fifths of what number is 6 1/4 ?The quotient of 17 and a number is 1/6 a number increased by four seven equals eleven subtracted by a number fourteen subtracted from the product of a number and-3 is 25