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Popular Word Problems >

3,000 and earns 4.1% interest compounded quarterly.What will the account be worth in 2 years?

Solution

3, 000 an d e a r n s 4.1% 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 t h e a cco u n t b e w or t h in 2 ye a rs ?

Solution

Amount : 3255.01

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.041}{4})^{4 \cdot 2}

3000 (1 + \frac{0.041}{4})^{4 \cdot 2} = 3255.00850 \dots

Round to the nearest hundredth:

3255.01

Amount : 3255.01

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