Porter puts 525.00 into an account to use for school expenses. The account earns 14% interest, compounded annually. How much will be in the account after 9 years?

Solution

Solution

Amount : 1707.27

Solution steps

Translate the problem into an equation:

A = 525 (1 + \frac{0.14}{1})^{1 \cdot 9}

525 (1 + \frac{0.14}{1})^{1 \cdot 9} = 1707.27297 \dots

Round to the nearest hundredth:

1707.27

Amount : 1707.27

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