Abigail puts 10,000.00 into an account to use for school expenses. The account earns 14% interest, compounded annually. How much will be in the account after 10 years?

Solution

Abigail puts 10, 000.00 into an account to use for school expenses. The account earns 14% interest, compounded annually. How much will be in the account after 10 years?

Solution

Amount : 37072.21

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.14}{1})^{1 \cdot 10}

10000 (1 + \frac{0.14}{1})^{1 \cdot 10} = 37072.21314 \dots

Round to the nearest hundredth:

37072.21

Amount : 37072.21

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