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Suzie has 9,126 in an account. The interest rate is 10% compounded annually.To the nearest cent, how much will she have in 5 years?

Solution

Suzie has 9, 126 in an account. The interest rate is 10% compounded annually.To the nearest cent, how much will she have in 5 years?

Solution

Amount : 14697.51

Solution steps

Translate the problem into an equation:

A = 9126 (1 + \frac{0.1}{1})^{1 \cdot 5}

9126 (1 + \frac{0.1}{1})^{1 \cdot 5} = 14697.51426

Round to the nearest hundredth:

14697.51

Amount : 14697.51

Popular Examples

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