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Popular >

500.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 9 years?

Solution

500.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 9 years?

Solution

Amount : 1625.97

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.14}{1})^{1 \cdot 9}

500 (1 + \frac{0.14}{1})^{1 \cdot 9} = 1625.97426 \dots

Round to the nearest hundredth:

1625.97

Amount : 1625.97

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