Suppose you deposit \$1500 in a savings account that pays interest at a annual rate of 6%. No money is added or withdrawn from the account. How much will be in the account after 5 years

Solution

Suppose you deposit $1500 in a savings account that pays interest at a annual rate of 6%. No money is added or withdrawn from the account. How much will be in the account after 5 years

Solution

Amount : 1950

Solution steps

Translate the problem into an equation:

A = 1500 (1 + 0.06 \cdot 5)

1500 (1 + 0.06 \cdot 5) = 1950

Amount : 1950

Popular Examples

Find number whose logarithm is 1.3247 The sum of 3 times a number and 8 equals 9 Billy deposited 5,000 in an account earning 1% interest compounded annually.To the nearest cent, how much interest will he earn in 1 year?the scale of a rectangle is 1cm:320m. the length of the rectangle is 2.5 cm and the width is 12.5 cm. what is the actual area of the rectangle?The perimeter of a rectangle is 34 units. Its width is 6.5 units.Write an equation to determine the length of the rectangle.