Solution
Gwen opened a savings account and deposited 500.00 as principal. The account earns 3% interest, compounded annually. What is the balance after 8 years?
Solution
Solution steps
Translate the problem into an equation:
Round to the nearest hundredth:
Popular Examples
eight less than three times a number equals the numberThe circumference of a circle is 6𝜋 feet. What is the radius?Lila opened a savings account and deposited 500.00 as principal. The account earns 14% interest, compounded monthly. What is the balance after 10 years?twice the sum of a number and 2.Keenan opened a savings account and deposited 1,000.00 as principal. The account earns 13% interest, compounded quarterly. What is the balance after 4 years?