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Popular Word Problems >

Austin invested 200 in an account paying an interest rate of 6.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 15 years?

Solution

A u s t in in v es t e d 200 in an a cco u n t p a y in g an in t eres t r a t e o f 6.1% 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 t e n d o ll a rs, w o u l d b e in t h e a cco u n t a f t er 15 ye a rs ?

Solution

Amount : 495.92

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.061}{4})^{4 \cdot 15}

200 (1 + \frac{0.061}{4})^{4 \cdot 15} = 495.91801 \dots

Round to the nearest hundredth:

495.92

Amount : 495.92

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