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Popular Word Problems >

Colton is saving up money to buy a car. Colton puts 5,683.00 into an account which earns 12.96% interest, compounded quarterly. How much will he have in the account after 10 years?

Solution

C o lt o n i s s a v in g u p m o n ey t o b u y a c a r . C o lt o n p u t s 5, 683.00 in t o an a cco u n t w hi c h e a r n s 12.96% 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 h e ha v e in t h e a cco u n t a f t er 10 ye a rs ?

Solution

Amount : 20346.86

Solution steps

Translate the problem into an equation:

A = 5683 (1 + \frac{0.1296}{4})^{4 \cdot 10}

5683 (1 + \frac{0.1296}{4})^{4 \cdot 10} = 20346.86440 \dots

Round to the nearest hundredth:

20346.86

Amount : 20346.86

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