en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Tyler deposited 1000 in a savings bond. The account earns 1.11% APR compounded annually. Find the balance after 12 years.

Solution

Tyler deposited 1000 in a savings bond. The account earns 1.11% APR compounded annually. Find the balance after 12 years.

Solution

Amount : 1141.64

Solution steps

Translate the problem into an equation:

A = 1000 (1 + \frac{0.0111}{1})^{1 \cdot 12}

1000 (1 + \frac{0.0111}{1})^{1 \cdot 12} = 1141.64038 \dots

Round to the nearest hundredth:

1141.64

Amount : 1141.64

Popular Examples

The diameter of a circle is 35 cm. Find its area Find the area of an equilateral triangle with apothem length 6cm If necessary, write your answer in simplified radical form.Jeremiah deposited 3,000.00 into a new savings account that earns 10% interest compounded monthly. How long will it take for the balance to grow to 7,172.00?Oscar opened a savings account 9 years ago. The account earns 11% interest, compounded quarterly. If the current balance is 300.00, how much did he deposit initially?Fill in the box with a number that is greater than 978 and less than 987. Write the number in the space provided.