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Populaire Word Problems >

Belle puts 1,000.00 into an account to use for school expenses. The account earns 6% interest, compounded quarterly. How much will be in the account after 6 years?

Solution

B e ll e p u t s 1, 000.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t 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 b e in t h e a cco u n t a f t er 6 ye a rs ?

Solution

Amount : 1429.5

étapes des solutions

Translate the problem into an equation:

A = 1000 (1 + \frac{0.06}{4})^{4 \cdot 6}

1000 (1 + \frac{0.06}{4})^{4 \cdot 6} = 1429.50281 \dots

Arrondir à hundredth la plus proche:

1429.5

Amount : 1429.5

Exemples populaires

two consecutive whole numbers that sqrt(105) lies between.The whole sale cost of a bicycle is 56 . There is a mark-up of 39%. What is the new sale price of the bike?Barbara deposited 300.00 into a new savings account that earns 15% interest compounded monthly. How long will it take for the balance to grow to 1,286.00?Round your answer to the nearest month.What is the result when the number 15 is increased by 17%Bill opened a savings account and deposited 4,622.00 as principal. The account earns 2.59% interest, compounded quarterly. What is the balance after 6 years?