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Assume that you deposit 2,107 into an account that pays 10 percent per annum. How much money will be in the account 22 years from today?

Solution

Assume that you deposit 2, 107 into an account that pays 10 percent per annum. How much money will be in the account 22 years from today?

Solution

Amount : 6742.4

Solution steps

Translate the problem into an equation:

A = 2107 (1 + 0.1 \cdot 22)

2107 (1 + 0.1 \cdot 22) = 6742.4

Amount : 6742.4

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