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Popular Word Problems >

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?

Solution

J e an e tt e i s s a v in g u p m o n ey t o b u y a c a r . J e an e tt e p u t s 5, 444.00 in t o an a cco u n t w hi c h e a r n s 10% 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 s h e ha v e in t h e a cco u n t a f t er 3 ye a rs ?

Solution

Amount : 7321.57

Solution steps

Translate the problem into an equation:

A = 5444 (1 + \frac{0.1}{4})^{4 \cdot 3}

5444 (1 + \frac{0.1}{4})^{4 \cdot 3} = 7321.57475 \dots

Round to the nearest hundredth:

7321.57

Amount : 7321.57

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