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Popular Word Problems >

Denise opened a savings account and deposited 4,000.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 9 years?

Solution

De ni se 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 4, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 11% 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 9 ye a rs ?

Solution

Amount : 10621.99

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.11}{4})^{4 \cdot 9}

4000 (1 + \frac{0.11}{4})^{4 \cdot 9} = 10621.99006 \dots

Round to the nearest hundredth:

10621.99

Amount : 10621.99

Popular Examples

You deposit 6000 in an account earning 2% interest compounded continuously. How much will you have in the account in 10 years?the sum of 2 numbers is 32. one number is 3 times larger 20 is 25% of what number four times a number is 112 Twice the difference of a number and 7 is equal to 8.