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Populaire Word Problems >

1600 dollars is placed in an account with an annual interest rate of 5.25%. How much will be in the account after 25 years, to the nearest cent?

Solution

1600 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 5.25%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 25 ye a rs, t o t h e n e a res t ce n t ?

Solution

Amount : 3700

étapes des solutions

Translate the problem into an equation:

A = 1600 (1 + 0.0525 \cdot 25)

1600 (1 + 0.0525 \cdot 25) = 3700

Amount : 3700

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