SOLUTION: How much money would I have after 50 years if I put in $50 with a 6% interest per year?

Algebra ->  Algebra  -> Customizable Word Problem Solvers  -> Finance -> SOLUTION: How much money would I have after 50 years if I put in $50 with a 6% interest per year?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com
Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!
Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations!

   

Question 220361: How much money would I have after 50 years if I put in $50 with a 6% interest per year?
Found 2 solutions by rfer, jim_thompson5910:
Answer by rfer(10432) About Me  (Show Source):
You can put this solution on YOUR website!
A=50(1+.06)^50
A=50(18.42)
A=$921.00

Answer by jim_thompson5910(21685) About Me  (Show Source):
You can put this solution on YOUR website!
I'm assuming that you're using simple interest.


A=P%2BPrt Start with the simple interest formula.


A=50%2B50%2A0.06%2A50 Plug in P=50 (the investment), r=0.06 (the decimal equivalent of 6%), and t=50.


A=50%2B50%2A3 Multiply 0.06 and 50 to get 3.


A=50%2B150 Multiply 50 and 3 to get 150.


A=200 Add 50 to 150 to get 200.


So if you invest $50 at an interest rate of 6%, you'll have $200 in the account after 50 years.