9,600 dollars is placed in a savings account with an annual interest rate of 1.2%. If no money is added or removed from the account, which equation represents how much will be in the account after 5 years?

Solution

9, 600 dollars is placed in a savings account with an annual interest rate of 1.2%. If no money is added or removed from the account, which equation represents how much will be in the account after 5 years?

Solution

Amount : 10176

Solution steps

Translate the problem into an equation:

A = 9600 (1 + 0.012 \cdot 5)

9600 (1 + 0.012 \cdot 5) = 10176

Amount : 10176

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