Suppose you deposit 1, 000 in a savings account that pays interest at an annual rate of 5%. If no money is added or withdrawn from the account, how much will be in the account after 3 years?

Solution

Solution

Amount : 1150

Solution steps

Translate the problem into an equation:

A = 1000 (1 + 0.05 \cdot 3)

1000 (1 + 0.05 \cdot 3) = 1150

Amount : 1150

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Suppose you deposit ​1, 000 in a savings account that pays interest at an annual rate of 5​%. If no money is added or withdrawn from the​ account, how much will be in the account after 3 ​years?

Solution

Solution

Popular Examples

Suppose you deposit 1, 000 in a savings account that pays interest at an annual rate of 5%. If no money is added or withdrawn from the account, how much will be in the account after 3 years?