Mandy is saving up money to buy a car. Mandy puts 7,100.00 into an account which earns 1% interest, compounded annually. How much will she have in the account after 10 years?

Lösung

Mandy is saving up money to buy a car. Mandy puts 7, 100.00 into an account which earns 1% interest, compounded annually. How much will she have in the account after 10 years?

Lösung

Amount : 7842.82

Schritte zur Lösung

Translate the problem into an equation:

A = 7100 (1 + \frac{0.01}{1})^{1 \cdot 10}

7100 (1 + \frac{0.01}{1})^{1 \cdot 10} = 7842.81709 \dots

Round to the nearest hundredth:

7842.82

Amount : 7842.82

Beliebte Beispiele

Sam borrowed 4, 500 for 2 years and had to pay 630 simple interest at the end of that time. What rate of interest did he pay?Nick, a professional golfer, had an mittelwert score of 75 points last season. This season, however, his mittelwert score has been 8% higher. What is Nick's current mittelwert score?The sum of two numbers is 9 , and the differenz of the numbers is 1 . Write a system of equations to represent this situation. Then solve the system to find the numbers.Ezra and Brenda deposit 9,028.00 into a savings account which earns 10% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?a circular plate has kreisumfang 27.6 inches what is the area of this plate