fr

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Populaire Word Problems >

Tracy opened a savings account and deposited 700.00 as principal. The account earns 3% interest, compounded quarterly. What is the balance after 3 years?

Solution

T r a cy o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 700.00 a s p r in c i p a l . T h e a cco u n t e a r n s 3% in t eres t, co m p o u n d e d q u a r t er l y . Wha t i s t h e ba l an ce a f t er 3 ye a rs ?

Solution

Amount : 765.66

étapes des solutions

Translate the problem into an equation:

A = 700 (1 + \frac{0.03}{4})^{4 \cdot 3}

700 (1 + \frac{0.03}{4})^{4 \cdot 3} = 765.66482 \dots

Arrondir à hundredth la plus proche:

765.66

Amount : 765.66

Exemples populaires

the sum of a number and 5 times its reciprocal is 54/7 find the number Find the amount of money that will be accumulated in a savings account if 7575 is invested at 7.0% for 21 years and the interest is compounded continuously. Round your answer to two decimal places.The product of two consecutive even whole numbers is 960 Find the area of a cercle with a radius of 6.75 inches.Derek deposited 7,615 in an account earning 10% interest compounded annually.To the nearest cent, how much interest will he earn in 2 years?