Hannah opened a savings account and deposited 600.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 8 years?

Solution

Solution

Amount : 1711.55

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.14}{1})^{1 \cdot 8}

600 (1 + \frac{0.14}{1})^{1 \cdot 8} = 1711.55185 \dots

Round to the nearest hundredth:

1711.55

Amount : 1711.55

Popular Examples

Ben is 4 times as old as Ishaan and is also 6 years older than Ishaan.A product sells at a regular price of 120 which is on sale for 65% off the regular price. Find the sale price. Be sure to round your answer to the nearest cent.Darren is 6 years older than Lee. Barry is 9. Harper is 3 years younger than Barry and 1 year younger than Lee. How old is Lee?Find the area of the segment of a circle whose radius is 5 feet, formed by a central angle of 55^{\circ}.The circumference of a circular garden is 116.18 feet. What is the diameter of the garden? Use for and do not round your answer.