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Popular Word Problems >

Bernie deposited 2,000 in an account earning 10% interest compounded annually.To the nearest cent, how much will he have in 5 years?

Solution

B er ni e d e p os i t e d 2, 000 in an a cco u n t e a r nin g 10% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll h e ha v e in 5 ye a rs ?

Solution

Amount : 3221.02

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.1}{1})^{1 \cdot 5}

2000 (1 + \frac{0.1}{1})^{1 \cdot 5} = 3221.02

Amount : 3221.02

Popular Examples

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