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Populaire Word Problems >

Nate has 70 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Solution

N a t e ha s 70 in an a cco u n t t ha t e a r n s 5% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll h e ha v e in 3 ye a rs ?

Solution

Amount : 81.03

étapes des solutions

Translate the problem into an equation:

A = 70 (1 + \frac{0.05}{1})^{1 \cdot 3}

70 (1 + \frac{0.05}{1})^{1 \cdot 3} = 81.03375

Arrondir à hundredth la plus proche:

81.03

Amount : 81.03

Exemples populaires

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