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Rob has 7, 869 in an account that earns 13% interest compounded annually. To the nearest cent, how much will he have in 5 years?

Solution

Rob has 7, 869 in an account that earns 13% interest compounded annually. To the nearest cent, how much will he have in 5 years?

Solution

Amount : 14498.12

Solution steps

Translate the problem into an equation:

A = 7869 (1 + \frac{0.13}{1})^{1 \cdot 5}

7869 (1 + \frac{0.13}{1})^{1 \cdot 5} = 14498.12242 \dots

Round to the nearest hundredth:

14498.12

Amount : 14498.12

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