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Populaire Word Problems >

6700 dollars is placed in an account with an annual interest rate of 8%. How much will be in the account after 24 years, to the nearest cent

Solution

6700 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 8%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 24 ye a rs, t o t h e n e a res t ce n t

Solution

Amount : 19564

étapes des solutions

Translate the problem into an equation:

A = 6700 (1 + 0.08 \cdot 24)

6700 (1 + 0.08 \cdot 24) = 19564

Amount : 19564

Exemples populaires

juilo invest 15,000 in a savings that pays %1.5 how much will be in the account after 5 years if julio makes no withdraws or deposits At what rate of interest will Rs. 2500 amount to Rs. 3200 in 7 years?rebecca and chris borrowed 2000 at an interest rate of 7% for a period of 3 years. What was the interest?Calculate the accumulated value of a 7-year continuous annuity of 1000 per year.The annual effective interest rate is 10%.Sam deposited 3500 into the bank. The account earns 2% interest compounded annually. What is his balance at the end of 8 years?