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Populaire Word Problems >

Meg invested 16,000 in a savings account. If the annual interest rate is 6%, how much will be in the account in5 years with quarterly compounding?

Solution

M e g in v es t e d 16, 000 in a s a v in g s a cco u n t . I f t h e ann u a l in t eres t r a t e i s 6%, h o w m u c h w i ll b e in t h e a cco u n t in 5 ye a rs w i t h q u a r t er l y co m p o u n d in g ?

Solution

Amount : 21549.68

étapes des solutions

Translate the problem into an equation:

A = 16000 (1 + \frac{0.06}{4})^{4 \cdot 5}

16000 (1 + \frac{0.06}{4})^{4 \cdot 5} = 21549.68010 \dots

Arrondir à hundredth la plus proche:

21549.68

Amount : 21549.68

Exemples populaires

Jeanette is saving up money to buy a car. Jeanette puts 5,444.00 into an account which earns 10% interest, compounded quarterly. How much will she have in the account after 3 years?You are dealt one card from a 52-card deck. Find the probability that you are dealt a nine or a red card.Five times the sum of a number and 7 is 30. Find the numbers How much would you need to deposit in an account now in ordonner to have 4000 in the account in 15 years? Assume the account earns 4% interest compounded monthly.Blanche has recently inherited 8300, into an account that compounds monthly at an annual rate of 4%. How much would Blanche's balance be from Account 2 over 5 years? Round to two decimal places.