Khalil opened a savings account and deposited 300.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 4 years?

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Solution

Solution

Amount : 455.42

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.11}{1})^{1 \cdot 4}

300 (1 + \frac{0.11}{1})^{1 \cdot 4} = 455.421123

Round to the nearest hundredth:

455.42

Amount : 455.42

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