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Popular Word Problems >

Vivian deposited 4,000.00 into a new savings account that earns interest compounded quarterly. After 6 years, the balance in the account was 6,697.00. What was the interest rate on the account?

Solução

Vi v ian d e p os i t e d 4, 000.00 in t o a n e w s a v in g s a cco u n t t ha t e a r n s 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 6 ye a rs, t h e ba l an ce in t h e a cco u n t w a s 6, 697.00. Wha t w a s t h e in t eres t r a t e o n t h e a cco u n t ?

Solução

Rate : 8.68230 \dots %

Passos da solução

Translate the problem into an equation:

6697 = 4000 (1 + \frac{r}{4})^{4 \cdot 6}

Resolver para

r, 6697 = 4000 (1 + \frac{r}{4})^{4 \cdot 6} : r = 8.68230 \dots %

Rate : 8.68230 \dots %

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