en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Hudson invested 8,400 in an account paying an interest rate of 5.4% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 13 years?

Solution

H u d so n in v es t e d 8, 400 in an a cco u n t p a y in g an in t eres t r a t e o f 5.4% 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 13 ye a rs ?

Solution

Amount : 16869.98

Solution steps

Translate the problem into an equation:

A = 8400 (1 + \frac{0.054}{4})^{4 \cdot 13}

8400 (1 + \frac{0.054}{4})^{4 \cdot 13} = 16869.97517 \dots

Round to the nearest hundredth:

16869.98

Amount : 16869.98

Popular Examples

Cooper invested 1,100 in an account paying an interest rate of 3.8% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 10 years?The radius of a circle is 13 cm. Find its area in terms of pipi.David invested 68,000 in an account paying an interest rate of 5.5% compounded daily. 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 93,000?Sam has 50 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?4400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 22 years, to the nearest cent?