Adam opened a savings account and deposited 6,189.00 as principal. The account earns 8% interest, compounded annually. What is the balance after 9 years?

Solution

Adam opened a savings account and deposited 6, 189.00 as principal. The account earns 8% interest, compounded annually. What is the balance after 9 years?

Solution

Amount : 12371.84

Solution steps

Translate the problem into an equation:

A = 6189 (1 + \frac{0.08}{1})^{1 \cdot 9}

6189 (1 + \frac{0.08}{1})^{1 \cdot 9} = 12371.83963 \dots

Round to the nearest hundredth:

12371.84

Amount : 12371.84

Popular Examples

Latrell puts 3,996.00 into an account to use for school expenses. The account earns 3% interest, compounded annually. How much will be in the account after 5 years?the sum of two consecutive even numbers is 46 what are the numbers Find the diameter of a circle with an area of 126mm^2 (3 marks)eight less than the quotient of a number and-3 a number divided by 5 is 10