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Popular Word Problems >

2 Find the value of an investment of 1200 in an account that earns 3% annual interest compounded quarterly after 4years.

Solution

2 F in d t h e v a l u e o f an in v es t m e n t o f 1200 in an a cco u n t t ha t e a r n s 3% ann u a l in t eres t co m p o u n d e d q u a r t er l y a f t er 4 ye a rs .

Solution

Amount : 1352.39

Solution steps

Translate the problem into an equation:

A = 1200 (1 + \frac{0.03}{4})^{4 \cdot 4}

1200 (1 + \frac{0.03}{4})^{4 \cdot 4} = 1352.39053 \dots

Round to the nearest hundredth:

1352.39

Amount : 1352.39

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