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Popular Word Problems >

Raymond is saving up money to buy a car. Raymond puts 7,708.00 into an account which earns 6% interest, compounded quarterly. How much will he have in the account after 3 years?

Solution

R a y m o n d i s s a v in g u p m o n ey t o b u y a c a r . R a y m o n d p u t s 7, 708.00 in t o an a cco u n t w hi c h 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 h e ha v e in t h e a cco u n t a f t er 3 ye a rs ?

Solution

Amount : 9215.82

Solution steps

Translate the problem into an equation:

A = 7708 (1 + \frac{0.06}{4})^{4 \cdot 3}

7708 (1 + \frac{0.06}{4})^{4 \cdot 3} = 9215.82486 \dots

Round to the nearest hundredth:

9215.82

Amount : 9215.82

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