Kamal puts 2,253.00 into an account to use for school expenses. The account earns 8% interest, compounded annually. How much will be in the account after 9 years?

Solution

Kamal puts 2, 253.00 into an account to use for school expenses. The account earns 8% interest, compounded annually. How much will be in the account after 9 years?

Solution

Amount : 4503.76

Solution steps

Translate the problem into an equation:

A = 2253 (1 + \frac{0.08}{1})^{1 \cdot 9}

2253 (1 + \frac{0.08}{1})^{1 \cdot 9} = 4503.75742 \dots

Round to the nearest hundredth:

4503.76

Amount : 4503.76

Popular Examples

Theodore invests 1,000 at 15% simple interest for 1 year. How much is in the account at the end of the 1 year period?3 less than the quotient of a number and 7 is 12.a number increased by 7 less than 14 The sum of two numbers is 60 . One number is 4 times as large as the other. What are the numbers?the sum of 8 times a number and 2 is 3