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Popular Word Problems >

Gina puts 3,000.00 into an account to use for school expenses. The account earns 10% interest, compounded quarterly. How much will be in the account after 9 years?

Solução

G ina p u t s 3, 000.00 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 10% 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 9 ye a rs ?

Solução

Amount : 7297.61

Passos da solução

Translate the problem into an equation:

A = 3000 (1 + \frac{0.1}{4})^{4 \cdot 9}

3000 (1 + \frac{0.1}{4})^{4 \cdot 9} = 7297.60594 \dots

Round to the nearest hundredth:

7297.61

Amount : 7297.61

Exemplos populares

Matthew is saving up money to buy a car. Matthew puts 9,279.00 into an account which earns 1% interest, compounded annually. How much will he have in the account after 7 years?resolver para Six more than the product of a number and 2 is 8.20% of what number is 9 25 divide by a number You deposit 3000 in an account earning 1399% interest compounded monthly. How much will you have in the account in 69 years?