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Popular Word Problems >

how much money will you have in 8 years if you invest \$4000 at 3.5% compounded quarterly

Solution

h o w m u c h m o n ey w i ll yo u ha v e in 8 ye a rs i f yo u in v es t $4000 a t 3.5% co m p o u n d e d q u a r t er l y

Solution

Amount : 5286.08

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.035}{4})^{4 \cdot 8}

4000 (1 + \frac{0.035}{4})^{4 \cdot 8} = 5286.07740 \dots

Round to the nearest hundredth:

5286.08

Amount : 5286.08

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