Solution
Ernesto has 20 in an account. The interest rate is 10% compounded annually.To the nearest cent, how much interest will he earn in 1 year?
Solution
Solution steps
Translate the problem into an equation:
Solve for
Popular Examples
The diameter of a circle is 4 meters. What is the circumference?An initial investment of 480 is appreciated for 9 years in an account that earns 7% interest, compounded quarterly. Find the amount of money in the account at the end of the period.Emilio and Ariel deposit 800.00 into a savings account which earns 7% interest compounded annually. 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?Cassie puts 600.00 into an account to use for school expenses. The account earns 9% interest, compounded annually. How much will be in the account after 10 years?Scarlett opened a savings account and deposited 7,058.00 as principal. The account earns 8.54% interest, compounded annually. What is the balance after 6 years?