Elizabeth opened a savings account and deposited 6,000.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 4 years?

Solution

Elizabeth opened a savings account and deposited 6, 000.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 4 years?

Solution

Amount : 10133.76

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.14}{1})^{1 \cdot 4}

6000 (1 + \frac{0.14}{1})^{1 \cdot 4} = 10133.76096

Round to the nearest hundredth:

10133.76

Amount : 10133.76

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