Lisa deposited\$4000 into an account with 5.8% interest, compounded annually. Assuming that no withdrawals are made, how much will she have in the account after 10 years?

Solution

Lisa deposited$4000 into an account with 5.8% interest, compounded annually. Assuming that no withdrawals are made, how much will she have in the account after 10 years?

Solution

Amount : 7029.37

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.058}{1})^{1 \cdot 10}

4000 (1 + \frac{0.058}{1})^{1 \cdot 10} = 7029.37428 \dots

Round to the nearest hundredth:

7029.37

Amount : 7029.37

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