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Popular Word Problems >

Amanda invests 9200 in a new savings account which earns 3.4% annual interest, compounded quarterly. What will be the value of her investment after 4 years? Round to the nearest cent.

Solution

A man d a in v es t s 9200 in a n e w s a v in g s a cco u n t w hi c h e a r n s 3.4% ann u a l in t eres t, co m p o u n d e d q u a r t er l y . Wha t w i ll b e t h e v a l u e o f h er in v es t m e n t a f t er 4 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 10534.22

Solution steps

Translate the problem into an equation:

A = 9200 (1 + \frac{0.034}{4})^{4 \cdot 4}

9200 (1 + \frac{0.034}{4})^{4 \cdot 4} = 10534.21718 \dots

Round to the nearest hundredth:

10534.22

Amount : 10534.22

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