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Popular Word Problems >

Kirk opened a savings account and deposited 8,459.00 as principal. The account earns 6% interest, compounded quarterly. What is the balance after 2 years?

Solution

K i r k 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 8, 459.00 a s p r in c i p a l . T h e a cco u n t e a r n s 6% 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 2 ye a rs ?

Solution

Amount : 9529

Solution steps

Translate the problem into an equation:

A = 8459 (1 + \frac{0.06}{4})^{4 \cdot 2}

8459 (1 + \frac{0.06}{4})^{4 \cdot 2} = 9529.00079 \dots

Round to the nearest hundredth:

9529

Amount : 9529

Popular Examples

marin is 12 years old and he The sum of two numbers is 54. The larger number is 6 more than the smaller number. What are the numbers?which number is greater than 4^{-2}find the radius of a circle whose area is 221.76 \$1, 500 at 3% for 2.5 years. find the interest earned.