Amelia opened a savings account and deposited 500.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 4 years?

Solution

Solution

Amount : 786.76

étapes des solutions

Translate the problem into an equation:

A = 500 (1 + \frac{0.12}{1})^{1 \cdot 4}

500 (1 + \frac{0.12}{1})^{1 \cdot 4} = 786.75968

Arrondir à hundredth la plus proche:

786.76

Amount : 786.76

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