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Popular Word Problems >

Eric opened a savings account and deposited 100.00 as principal. The account earns 10% interest, compounded quarterly. What is the balance after 5 years?

Solution

E r i c 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 100.00 a s p r in c i p a l . T h e a cco u n t 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 . Wha t i s t h e ba l an ce a f t er 5 ye a rs ?

Solution

Amount : 163.86

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.1}{4})^{4 \cdot 5}

100 (1 + \frac{0.1}{4})^{4 \cdot 5} = 163.86164 \dots

Round to the nearest hundredth:

163.86

Amount : 163.86

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