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Popular Word Problems >

Kathleen opened a savings account and deposited 4,000.00 as principal. The account earns 5% interest, compounded quarterly. What is the balance after 8 years?

Solution

K a t h l ee n 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 5% 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 8 ye a rs ?

Solution

Amount : 5952.52

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.05}{4})^{4 \cdot 8}

4000 (1 + \frac{0.05}{4})^{4 \cdot 8} = 5952.52203 \dots

Round to the nearest hundredth:

5952.52

Amount : 5952.52

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