Bryan opened a savings account and deposited 2,907.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 5 years?

Solution

Bryan opened a savings account and deposited 2, 907.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 5 years?

Solution

Amount : 5597.18

Solution steps

Translate the problem into an equation:

A = 2907 (1 + \frac{0.14}{1})^{1 \cdot 5}

2907 (1 + \frac{0.14}{1})^{1 \cdot 5} = 5597.18019 \dots

Round to the nearest hundredth:

5597.18

Amount : 5597.18

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