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Popular Word Problems >

Ron is saving up money to buy a car. Ron puts 5,213.00 into an account which earns 7.7% interest, compounded quarterly. How much will he have in the account after 7 years?

Solution

R o n i s s a v in g u p m o n ey t o b u y a c a r . R o n p u t s 5, 213.00 in t o an a cco u n t w hi c h e a r n s 7.7% 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 h e ha v e in t h e a cco u n t a f t er 7 ye a rs ?

Solution

Amount : 8890.94

Solution steps

Translate the problem into an equation:

A = 5213 (1 + \frac{0.077}{4})^{4 \cdot 7}

5213 (1 + \frac{0.077}{4})^{4 \cdot 7} = 8890.94427 \dots

Round to the nearest hundredth:

8890.94

Amount : 8890.94

Popular Examples

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