Popular >

Janelle puts 200.00 into an account to use for school expenses. The account earns 13% interest, compounded annually. How much will be in the account after 10 years?

Solution

Solution

Amount : 678.91

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.13}{1})^{1 \cdot 10}

200 (1 + \frac{0.13}{1})^{1 \cdot 10} = 678.91347 \dots

Round to the nearest hundredth:

678.91

Amount : 678.91

Popular Examples

Rosie is four times as old as her son. She is also 24 years older than her son. How old is Rosie's son?a number more than 20 the product of a number and-8 is 72 In 3 years, Farid wants to buy a bicycle that costs 800.00. If he opens a savings account that earns 10% interest compounded continuously, how much will he have to deposit as principal to have enough money in 3 years to buy the bike?WHAT IS THE AREA OF A SQUARE WHOSE PERIMETER IS 48