Austen puts 4,347.00 into an account to use for school expenses. The account earns 8.88% interest, compounded annually. How much will be in the account after 10 years?

Solution

Austen puts 4, 347.00 into an account to use for school expenses. The account earns 8.88% interest, compounded annually. How much will be in the account after 10 years?

Solution

Amount : 10178.19

Solution steps

Translate the problem into an equation:

A = 4347 (1 + \frac{0.0888}{1})^{1 \cdot 10}

4347 (1 + \frac{0.0888}{1})^{1 \cdot 10} = 10178.19488 \dots

Round to the nearest hundredth:

10178.19

Amount : 10178.19

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