Harry puts 200.00 into an account to use for school expenses. The account earns 10% interest, compounded annually. How much will be in the account after 9 years?

Solution

Solution

Amount : 471.59

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.1}{1})^{1 \cdot 9}

200 (1 + \frac{0.1}{1})^{1 \cdot 9} = 471.58953 \dots

Round to the nearest hundredth:

471.59

Amount : 471.59

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