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Audrey deposited 80 in an account earning 10% interest compounded annually.To the nearest cent, how much will she have in 3 years?

Solution

Audrey deposited 80 in an account earning 10% interest compounded annually.To the nearest cent, how much will she have in 3 years?

Solution

Amount : 106.48

Solution steps

Translate the problem into an equation:

A = 80 (1 + \frac{0.1}{1})^{1 \cdot 3}

80 (1 + \frac{0.1}{1})^{1 \cdot 3} = 106.48

Amount : 106.48

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