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Popular Word Problems >

Candice opened a savings account and deposited 800.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 4 years?

Solução

C an d i ce 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 800.00 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 4 ye a rs ?

Solução

Amount : 1351.17

Passos da solução

Translate the problem into an equation:

A = 800 (1 + \frac{0.14}{1})^{1 \cdot 4}

800 (1 + \frac{0.14}{1})^{1 \cdot 4} = 1351.168128

Round to the nearest hundredth:

1351.17

Amount : 1351.17

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