Popular >

Lucy invested 19,000 in an account paying an interest rate of 3% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 8 years

Solution

Lucy invested 19, 000 in an account paying an interest rate of 3% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 8 years

Solution

Amount : 24068.63

Solution steps

Translate the problem into an equation:

A = 19000 (1 + \frac{0.03}{1})^{1 \cdot 8}

19000 (1 + \frac{0.03}{1})^{1 \cdot 8} = 24068.63154 \dots

Round to the nearest hundredth:

24068.63

Amount : 24068.63

Popular Examples

Three numbers are in the ratio 1:2:3 and the sum of their cubes is 4500. Find the numbers.Find three consecutive integers whose sum is 321 Jimmy had 2 apples. If Gabe gave Jimmy 2 more apples, how many apples would jimmy have eight more than four times a number is 18 Find two consecutive integers whose sum is 123