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Popular Word Problems >

Mackenzie opened a savings account and deposited 1,074.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 7 years?

Solution

M a c k e n z 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 1, 074.00 a s p r in c i p a l . T h e a cco u n t e a r n s 11% 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 7 ye a rs ?

Solution

Amount : 2295.6

Solution steps

Translate the problem into an equation:

A = 1074 (1 + \frac{0.11}{4})^{4 \cdot 7}

1074 (1 + \frac{0.11}{4})^{4 \cdot 7} = 2295.59640 \dots

Round to the nearest hundredth:

2295.6

Amount : 2295.6

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