en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

What are the future value and the interest earned if 3000 IS INVESTED FOR 5 YEARS AT 8% compound quarterly ? Round to the nearest cent

Solution

Wha t a re t h e f u t u re v a l u e an d t h e in t eres t e a r n e d i f 3000 I S I N V ESTE D FOR 5 Y E A RS A T 8% co m p o u n d q u a r t er l y ? R o u n d t o t h e n e a res t ce n t

Solution

Interest : 1457.84

Solution steps

Translate the problem into an equation:

4457.84 = 3000 + I

Solve for

I, 4457.84 = 3000 + I : I = 1457.84

Interest : 1457.84

Popular Examples

If a number divided by −47 is increased by −37, the result is 32. What is the number?Find the future value of\$4643.31 invested for 8 years at 4% compounded monthly five times an unknown number is equal to 60 find the number Suppose that 2700 is borrowed for two years at an interest rate of 4% per year, compounded continuously. Find the amount owed, assuming no payments are made until the end.One number is 6 times as large as another. The sum of their reciprocals is 49/6. Find the two numbers.