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Popular Word Problems >

Clayton puts 500.00 into an account to use for school expenses. The account earns 8% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Cl a y t o n p u t s 500.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 8% 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 w i ll b e in t h e a cco u n t a f t er 8 ye a rs ?

Solution

Amount : 942.27

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.08}{4})^{4 \cdot 8}

500 (1 + \frac{0.08}{4})^{4 \cdot 8} = 942.27029 \dots

Round to the nearest hundredth:

942.27

Amount : 942.27

Popular Examples

Find the value of the investment after the specified time period. Round to the nearest cent.a 6500 investment compounded quarterly at a 4.1% interest rate for 15 years The difference between 7 times a number and 5 is 51 . Find the number.5 more than twice a number is 25 Two more than the product of a number and 4 is equal to 7 what is 2% of 3600? round to the nearest tenth