Martin puts 200.00 into an account to use for school expenses. The account earns 12% interest, compounded annually. How much will be in the account after 5 years?

Solution

Solution

Amount : 352.47

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.12}{1})^{1 \cdot 5}

200 (1 + \frac{0.12}{1})^{1 \cdot 5} = 352.46833 \dots

Round to the nearest hundredth:

352.47

Amount : 352.47

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