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Popular Word Problems >

Tammy deposited 20 in an account earning 10% interest compounded annually.To the nearest cent, how much interest will she earn in 3 years?

Solution

T amm y d e p os i t e d 20 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 in t eres t w i ll s h e e a r n in 3 ye a rs ?

Solution

Interest : 6.62

Solution steps

Translate the problem into an equation:

26.62 = 20 + I

Solve for

I, 26.62 = 20 + I : I = 6.62

Interest : 6.62

Popular Examples

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