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Spencer deposited 10 in an account earning 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Soluzione

Spencer deposited 10 in an account earning 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Soluzione

Amount : 11.58

Fasi della soluzione

Translate the problem into an equation:

A = 10 (1 + \frac{0.05}{1})^{1 \cdot 3}

10 (1 + \frac{0.05}{1})^{1 \cdot 3} = 11.57625

Arrotondare all' hundredth più vicino:

11.58

Amount : 11.58

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