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You deposit 180 in an investment account that earns 4.9% annual interest compounded annually.What is the balance of the account after 5 years?

Solution

You deposit 180 in an investment account that earns 4.9% annual interest compounded annually.What is the balance of the account after 5 years?

Solution

Amount : 228.64

Solution steps

Translate the problem into an equation:

A = 180 (1 + \frac{0.049}{1})^{1 \cdot 5}

180 (1 + \frac{0.049}{1})^{1 \cdot 5} = 228.63880 \dots

Round to the nearest hundredth:

228.64

Amount : 228.64

Popular Examples

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