Jonah opened a savings account and deposited 4,000.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 9 years?

Solution

Jonah opened a savings account and deposited 4, 000.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 9 years?

Solution

Amount : 10232.15

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.11}{1})^{1 \cdot 9}

4000 (1 + \frac{0.11}{1})^{1 \cdot 9} = 10232.14769 \dots

Round to the nearest hundredth:

10232.15

Amount : 10232.15

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