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Popular Word Problems >

Russell puts 500.00 into an account to use for school expenses. The account earns 9% interest, compounded quarterly. How much will be in the account after 9 years?

Solution

R u sse ll p u t s 500.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 9% 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 b e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 1113.91

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.09}{4})^{4 \cdot 9}

500 (1 + \frac{0.09}{4})^{4 \cdot 9} = 1113.90820 \dots

Round to the nearest hundredth:

1113.91

Amount : 1113.91

Popular Examples

3 times a number minus 12 is equal to:5 times the number plus 15:Find the number.what number is 24% of 38.5 0.8 is 0.5 percent of what number 2 less than the sum of 10 and a number Use the formula above to determine how long it will take an initial investment of 12,750 to grow to 36,975, if the account earns 11.5% interest per year, compounded quarterly. Round the solution to two decimal places.