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Popular Word Problems >

Mark invests 2,558 in a retirement account with a fixed annual interest rate of 3% compounded 4 times per year.What will the account balance be after 16 years?

Solução

M a r k in v es t s 2, 558 in a re t i re m e n t a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 3% co m p o u n d e d 4 t im es p er ye a r . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 16 ye a rs ?

Solução

Amount : 4126.52

Passos da solução

Translate the problem into an equation:

A = 2558 (1 + \frac{0.03}{4})^{4 \cdot 16}

2558 (1 + \frac{0.03}{4})^{4 \cdot 16} = 4126.52089 \dots

Round to the nearest hundredth:

4126.52

Amount : 4126.52

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