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You deposit 100 in an investment account that earns 4.5% annual interest compounded annually.What is the balance of the account after 4 years?

Solution

You deposit 100 in an investment account that earns 4.5% annual interest compounded annually.What is the balance of the account after 4 years?

Solution

Amount : 119.25

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.045}{1})^{1 \cdot 4}

100 (1 + \frac{0.045}{1})^{1 \cdot 4} = 119.25186 \dots

Round to the nearest hundredth:

119.25

Amount : 119.25

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