en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Krysta is saving up money to buy a car. Krysta puts 10,000.00 into an account which earns 6% interest, compounded quarterly. How much will she have in the account after 10 years?

Solution

Krys t a i s s a v in g u p m o n ey t o b u y a c a r . Krys t a p u t s 10, 000.00 in t o an a cco u n t w hi c h 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 . Ho w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 10 ye a rs ?

Solution

Amount : 18140.18

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.06}{4})^{4 \cdot 10}

10000 (1 + \frac{0.06}{4})^{4 \cdot 10} = 18140.18408 \dots

Round to the nearest hundredth:

18140.18

Amount : 18140.18

Popular Examples

The sum of a number times 3 and 23 is at most 18. Use the variable x for the unknown number.A principal of 3400 is invested at 8 percent interest , compounded annually . How much will the investment be worth after 12 years. Round to the nearest dollar Zeke and Edna deposit 3,389.00 into a savings account which earns 6% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?Isabelle opened a savings account and deposited 1,000.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 10 years?Tom rode his bike at a speed of 8 kilometers per hour for 3 hours. How far did he travel?