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Popular Word Problems >

Gabrielle puts 8,000.00 into an account to use for school expenses. The account earns 2% interest, compounded quarterly. How much will be in the account after 5 years?

Solution

G ab r i e ll e p u t s 8, 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 2% 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 5 ye a rs ?

Solution

Amount : 8839.16

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.02}{4})^{4 \cdot 5}

8000 (1 + \frac{0.02}{4})^{4 \cdot 5} = 8839.16461 \dots

Round to the nearest hundredth:

8839.16

Amount : 8839.16

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