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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?

Solution

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 ?

Solution

Amount : 7297.61

Solution steps

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

Popular Examples

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