en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Sarah invested 800 in an account paying an interest rate of 3.5% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 8 years?

Solution

S a r ah in v es t e d 800 in an a cco u n t p a y in g an in t eres t r a t e o f 3.5% co m p o u n d e d q u a r t er l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t ce n t, w o u l d b e in t h e a cco u n t a f t er 8 ye a rs ?

Solution

Amount : 1057.22

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.035}{4})^{4 \cdot 8}

800 (1 + \frac{0.035}{4})^{4 \cdot 8} = 1057.21548 \dots

Round to the nearest hundredth:

1057.22

Amount : 1057.22

Popular Examples

Lucy invested 30,000 in an account paying an interest rate of 6.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 9 years?Autumn invested 2,800 in an account paying an interest rate of 6.2% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 8 years?Find 3 consecutive integers such that 4 times the sum of the 1st and the 3rd is 14 greater than 7 times the second.Matthew invested 5,800 in an account paying an interest rate of 4.9% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 7 years?Aubrey invested 61,000 in an account paying an interest rate of 1.9% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 73,600?