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Popular Word Problems >

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals600, requals5%, tequals7 years; compounded quarterly

Solution

solve for

t h e am o u n t in t h e a cco u n t f or t h e g i v e n ​ p r in c i p a l, in t eres t ​ r a t e, t im e, an d co m p o u n d in g p er i o d . P e q u a l s ​600​, re q u a l s 5​%, t e q u a l s 7 ​ ye a rs; co m p o u n d e d q u a r t er l y

Solution

Amount : 849.6

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.05}{4})^{4 \cdot 7}

600 (1 + \frac{0.05}{4})^{4 \cdot 7} = 849.59538 \dots

Round to the nearest hundredth:

849.6

Amount : 849.6

Popular Examples

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