en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Suppose that 10, 000 is invested at 7% interest. Find the amount of money in the account after 9 years if the interest is compounded annually.

Solution

Suppose that 10, 000 is invested at 7% interest. Find the amount of money in the account after 9 years if the interest is compounded annually.

Solution

Amount : 18384.59

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.07}{1})^{1 \cdot 9}

10000 (1 + \frac{0.07}{1})^{1 \cdot 9} = 18384.59212 \dots

Round to the nearest hundredth:

18384.59

Amount : 18384.59

Popular Examples

What is the volume of a sphere with a radius of 6?In a class of 30 students, 90% passed their project on time. How many students of the class passed on time? how many students were not able to pass in time?8 less than the product of 5 and a number.Determine the future value if 750 is invested at 7.25% for 4 years compounded annually.John is 34 years old. Craig is 10 years older than John and 41 years older than Ronald. How old is Ronald?