en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

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?

Solution

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 ?

Solution

Amount : 4126.52

Solution steps

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

Popular Examples

the sum of two number is 26. the sum of 5 times the larger and 4 times the smaller is 127 find the numbers Find two consecutive whole numbers that lies sqrt(97) between.The bottom of a circular swimming pool has an area of 200.96 square feet.:What is the radius (in feet) of the swimming pool? Use 3.14 for pi kara is 5 years older than her her brother ben. if the sum of their ages is 21 how old is ben?the number increased by-2