en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Debbie puts 8,446.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 7 years?

Solution

De bbi e p u t s 8, 446.00 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 12% 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 7 ye a rs ?

Solution

Amount : 19323.84

Solution steps

Translate the problem into an equation:

A = 8446 (1 + \frac{0.12}{4})^{4 \cdot 7}

8446 (1 + \frac{0.12}{4})^{4 \cdot 7} = 19323.83714 \dots

Round to the nearest hundredth:

19323.84

Amount : 19323.84

Popular Examples

8 times the sum of a number x and 5 is 56 The product of six and a number is eighteen The circumference of a circle is 4𝜋 inches. What is the diameter?Give the exact answer in simplest form.An initial investment of 14,000 is appreciated for 3 years in an account that earns 10% interest, compounded semiannually. Find the amount of money in the account at the end of the period.Kenji invests 3,500 at an interest rate of 3%, compounded monthly. About how much is the investment worth at the end of 5 years?