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Popular Word Problems >

Abdul invests 5,000 at an interest rate of 4%, compounded quarterly. How much is the investment worth at the end of 3 years?

Solution

A b d u l in v es t s 5, 000 a t an in t eres t r a t e o f 4%, co m p o u n d e d q u a r t er l y . Ho w m u c h i s t h e in v es t m e n t w or t h a t t h e e n d o f 3 ye a rs ?

Solution

Amount : 5634.13

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.04}{4})^{4 \cdot 3}

5000 (1 + \frac{0.04}{4})^{4 \cdot 3} = 5634.12515 \dots

Round to the nearest hundredth:

5634.13

Amount : 5634.13

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