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Popular Word Problems >

Shawn opened a savings account and deposited 2,159.00 as principal. The account earns 9.41% interest, compounded quarterly. What is the balance after 2 years?

Solution

S ha w n o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 2, 159.00 a s p r in c i p a l . T h e a cco u n t e a r n s 9.41% in t eres t, co m p o u n d e d q u a r t er l y . Wha t i s t h e ba l an ce a f t er 2 ye a rs ?

Solution

Amount : 2600.4

Solution steps

Translate the problem into an equation:

A = 2159 (1 + \frac{0.0941}{4})^{4 \cdot 2}

2159 (1 + \frac{0.0941}{4})^{4 \cdot 2} = 2600.40074 \dots

Round to the nearest hundredth:

2600.4

Amount : 2600.4

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