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Popolare Word Problems >

you deposit 5000 dollars into an account that pays 2.25% annual interest. find the balance after 5 years when the interest is compounded quarterly

Soluzione

yo u d e p os i t 5000 d o ll a rs in t o an a cco u n t t ha t p a ys 2.25% ann u a l in t eres t . f in d t h e ba l an ce a f t er 5 ye a rs w h e n t h e in t eres t i s co m p o u n d e d q u a r t er l y

Soluzione

Amount : 5593.6

Fasi della soluzione

Translate the problem into an equation:

A = 5000 (1 + \frac{0.0225}{4})^{4 \cdot 5}

5000 (1 + \frac{0.0225}{4})^{4 \cdot 5} = 5593.59776 \dots

Arrotondare all' hundredth più vicino:

5593.6

Amount : 5593.6

Esempi popolari

Mark's current age is six less than five times Nico's age. In 15 years, Mark's age will be twice Nico's age. Find their present ages.7 less than the product of 3 and a number eight more than twice a number is fifty 2 times a number, increased by 8 Boris wants to buy a bond that will mature to 6500 in seven years. How much should he pay for the bond now if it earns interest at a rate of 4% per year, compounded continuously?