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Populaire Word Problems >

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?

Solution

B i ll o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 4, 622.00 a s p r in c i p a l . T h e a cco u n t e a r n s 2.59% in t eres t, co m p o u n d e d q u a r t er l y . Wha t i s t h e ba l an ce a f t er 6 ye a rs ?

Solution

Amount : 5396.37

étapes des solutions

Translate the problem into an equation:

A = 4622 (1 + \frac{0.0259}{4})^{4 \cdot 6}

4622 (1 + \frac{0.0259}{4})^{4 \cdot 6} = 5396.37032 \dots

Arrondir à hundredth la plus proche:

5396.37

Amount : 5396.37

Exemples populaires

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