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Populaire Word Problems >

Melissa deposited 4000 into an account with 2.6% interest, compounded quarterly. Assuming that no withdrawals are made, how much will she have in the account after 9 years?

Solution

M e l i ss a d e p os i t e d 4000 in t o an a cco u n t w i t h 2.6% in t eres t, co m p o u n d e d q u a r t er l y . A ss u min g t ha t n o w i t h d r a w a l s a re ma d e, h o w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 5050.75

étapes des solutions

Translate the problem into an equation:

A = 4000 (1 + \frac{0.026}{4})^{4 \cdot 9}

4000 (1 + \frac{0.026}{4})^{4 \cdot 9} = 5050.75198 \dots

Arrondir à hundredth la plus proche:

5050.75

Amount : 5050.75

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