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You deposit 50 in an investment account that earns 3.2% annual interest compounded annually.What is the balance of the account after 4 years?

Solution

You deposit 50 in an investment account that earns 3.2% annual interest compounded annually.What is the balance of the account after 4 years?

Solution

Amount : 56.71

étapes des solutions

Translate the problem into an equation:

A = 50 (1 + \frac{0.032}{1})^{1 \cdot 4}

50 (1 + \frac{0.032}{1})^{1 \cdot 4} = 56.71380 \dots

Arrondir à hundredth la plus proche:

56.71

Amount : 56.71

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