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Popular Word Problems >

Sam deposited 3500 into the bank. The account earns 2% interest compounded annually. What is his balance at the end of 8 years?

Solução

S am d e p os i t e d 3500 in t o t h e bank . T h e a cco u n t e a r n s 2% in t eres t co m p o u n d e d ann u a ll y . Wha t i s hi s ba l an ce a t t h e e n d o f 8 ye a rs ?

Solução

Amount : 4100.81

Passos da solução

Translate the problem into an equation:

A = 3500 (1 + \frac{0.02}{1})^{1 \cdot 8}

3500 (1 + \frac{0.02}{1})^{1 \cdot 8} = 4100.80783 \dots

Round to the nearest hundredth:

4100.81

Amount : 4100.81

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