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Popular Word Problems >

Kenneth is saving up money to buy a car. Kenneth puts 9,427.00 into an account which earns 14.99% interest, compounded quarterly. How much will he have in the account after 9 years?

Solution

Ke nn e t h i s s a v in g u p m o n ey t o b u y a c a r . Ke nn e t h p u t s 9, 427.00 in t o an a cco u n t w hi c h e a r n s 14.99% 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 h e ha v e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 35446.11

Solution steps

Translate the problem into an equation:

A = 9427 (1 + \frac{0.1499}{4})^{4 \cdot 9}

9427 (1 + \frac{0.1499}{4})^{4 \cdot 9} = 35446.10821 \dots

Round to the nearest hundredth:

35446.11

Amount : 35446.11

Popular Examples

The circumference of a circle is 21pi cm. What is the area, in square centimeters? Express your answer in terms of pi.a number is 12 more than the other their sum is 70 find the larger number The product of two consecutive even integers is 483 How much time does it take for a 1,100 investment to grow to 3,300 in an account compounded annually at 4.4%.A person invests 3500 dollars in a bank. The bank pays 4% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 5400 dollars?