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A teacher wants to invest 30,000 into an account that compounds annually. The interest rate at this bank is 1.8%. How much money will be in the account after 6 years?

Solution

A teacher wants to invest 30, 000 into an account that compounds annually. The interest rate at this bank is 1.8%. How much money will be in the account after 6 years?

Solution

Amount : 33389.35

Solution steps

Translate the problem into an equation:

A = 30000 (1 + \frac{0.018}{1})^{1 \cdot 6}

30000 (1 + \frac{0.018}{1})^{1 \cdot 6} = 33389.34678 \dots

Round to the nearest hundredth:

33389.35

Amount : 33389.35

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