Popular >

Adriana opened a savings account and deposited 7,593.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 8 years?

Solution

Adriana opened a savings account and deposited 7, 593.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 8 years?

Solution

Amount : 21659.69

Solution steps

Translate the problem into an equation:

A = 7593 (1 + \frac{0.14}{1})^{1 \cdot 8}

7593 (1 + \frac{0.14}{1})^{1 \cdot 8} = 21659.68870 \dots

Round to the nearest hundredth:

21659.69

Amount : 21659.69

Popular Examples

The sum of two consecutive integers is −265 Alfred invests £185 into an account that pays 1.25% simple interest per annum.Work out how much interest Alfred will get after 22 years.The circumference of a circular painting is 37.68 feet. What is the radius of the painting? Use 3.14 for pi and do not round your answer.Fill in the missing number to complete the lin: y=a coin is tossed 3 times. what is the probability of getting 3 tails up