Popular >

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

Popular Examples

A model shows, one whole. Each side is one unit long. What is the area of the square?A pair of standard dice are rolled. Find the probability of rolling a sum of 6 with these dice.Find three consecutive even numbers whose sum is 624.Find the accumulated value of an investment of 1020 at 6% compounded annually for 19 years.The circumference of a circle is 7pi ft. What is the area, in square feet? Express your answer in terms of