Kendall puts 1,055.00 into an account to use for school expenses. The account earns 1% interest, compounded annually. How much will be in the account after 5 years?

الحلّ

Kendall puts 1, 055.00 into an account to use for school expenses. The account earns 1% interest, compounded annually. How much will be in the account after 5 years?

الحلّ

Amount : 1108.82

خطوات الحلّ

Translate the problem into an equation:

A = 1055 (1 + \frac{0.01}{1})^{1 \cdot 5}

1055 (1 + \frac{0.01}{1})^{1 \cdot 5} = 1108.81560 \dots

Round to the nearest hundredth:

1108.82

Amount : 1108.82

أمثلة شائعة

50 less than twice a number You deposit 3500 in a bank account that pays 8% annual interest. Find the balance after 13 years if the interest is compounded monthly.twelve times a number is 3 more than twice the sum of the number and 1 What is the probability that the three cards dealt are, in order, an ace, a face card, and a 2? (A face card is a jack, queen, or king.)the product of seventeen and the quantity of a number minus eight