Candice opened a savings account and deposited 800.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 4 years?

Solution

Solution

Amount : 1351.17

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.14}{1})^{1 \cdot 4}

800 (1 + \frac{0.14}{1})^{1 \cdot 4} = 1351.168128

Round to the nearest hundredth:

1351.17

Amount : 1351.17

Popular Examples

sara lost her weight by 6.25 percent. if her new weight is 43kg then find her previous weight.one number is three moro than the other their sum is 7find the number An amount is invested for 5 years at 16% p.a. compounding quarterly. If the value of the investment after 5years is 80,600, what was the principal?Sofia is investing 8,000 in an account paying 5.5% interest compounded quarterly.What will Sofia's account balance be in 7 years?Two numbers have a sum of 19 and a difference of 9. Write a system and solve it to identify the two numbers.