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Popular Word Problems >

Marie opened a savings account and deposited 200.00 as principal. The account earns 5% interest, compounded quarterly. How much interest will she earn after 9 years?

Solution

M a r i e 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 200.00 a s p r in c i p a l . T h e a cco u n t e a r n s 5% in t eres t, co m p o u n d e d q u a r t er l y . Ho w m u c h in t eres t w i ll s h e e a r n a f t er 9 ye a rs ?

Solution

Interest : 112.79

Solution steps

Translate the problem into an equation:

312.78876 \dots = 200 + I

Solve for

I, 312.78876 \dots = 200 + I : I = 112.79

Interest : 112.79

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