Harper puts 200.00 into an account to use for school expenses. The account earns 11% interest, compounded annually. How much will be in the account after 9 years?

Solution

Solution

Amount : 511.61

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.11}{1})^{1 \cdot 9}

200 (1 + \frac{0.11}{1})^{1 \cdot 9} = 511.60738 \dots

Round to the nearest hundredth:

511.61

Amount : 511.61

Popular Examples

a square blanket is 5 meters long on one side. what is the area of the blanket A car travels 258 miles in 312 minutes at a constant speed. How far did the car travel in 5 minutes?Which number is less than-3 or greater than 5:Note: This may not be possible.Twice the difference of a number and 8 is 3 eight more than the product of a number and 9 equals to 4