Samuel puts 800.00 into an account to use for school expenses. The account earns 11% interest, compounded annually. How much will be in the account after 4 years?Round your answer to the nearest cent.

Solución

Solución

Amount : 1214.46

Pasos de solución

Translate the problem into an equation:

A = 800 (1 + \frac{0.11}{1})^{1 \cdot 4}

800 (1 + \frac{0.11}{1})^{1 \cdot 4} = 1214.456328

Round to the nearest hundredth:

1214.46

Amount : 1214.46

Ejemplos populares

Eight more than the product of a number and 3 is 5:Use the variable x for the unknown number:5 13/15 of what number is 2 1/5 ?Two cyclists start at the same point and travel in opposite directions. One cyclist travels 6 kmh slower than the other. If the two cyclists are 150 kilometers apart after 3 hours, what is the rate of each cyclist?How much money should be deposited today in an account that earns 3.5 % compounded monthly so that it will accumulate to 15,000 in 2 years?A number divided into 4