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Popular Word Problems >

Colin opened a savings account and deposited 600.00 as principal. The account earns 8% interest, compounded quarterly. How much interest will he earn after 4 years?

Solution

C o l in 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 600.00 a s p r in c i p a l . T h e a cco u n t e a r n s 8% 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 in t eres t w i ll h e e a r n a f t er 4 ye a rs ?

Solution

Interest : 223.67

Solution steps

Translate the problem into an equation:

823.67142 \dots = 600 + I

Solve for

I, 823.67142 \dots = 600 + I : I = 223.67

Interest : 223.67

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