Irma opened a savings account and deposited 10,000.00 as principal. The account earns 5% interest, compounded annually. What is the balance after 9 years?

Solution

Irma opened a savings account and deposited 10, 000.00 as principal. The account earns 5% interest, compounded annually. What is the balance after 9 years?

Solution

Amount : 15513.28

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.05}{1})^{1 \cdot 9}

10000 (1 + \frac{0.05}{1})^{1 \cdot 9} = 15513.28215 \dots

Round to the nearest hundredth:

15513.28

Amount : 15513.28

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