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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. What would the future value be?

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Solution

Whatarethefuturevalueandtheinterestearnedif3000ISINVESTEDFOR5YEARSAT8%compoundquarterly?Roundtothenearestcent.Whatwouldthefuturevaluebe?

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

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