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Popular Word Problems >

Suppose that 58,000 is invested at 6.5% interest, compounded quarterly. Find the function for the amount to which the investment grows after one year

Solution

S u pp ose t ha t 58, 000 i s in v es t e d a t 6.5% in t eres t, co m p o u n d e d q u a r t er l y . F in d t h e f u n c t i o n f or t h e am o u n t t o w hi c h t h e in v es t m e n t g ro w s a f t er o n e ye a r

Solution

Amount : 61862.89

Solution steps

Translate the problem into an equation:

A = 58000 (1 + \frac{0.065}{4})^{4 \cdot 1}

58000 (1 + \frac{0.065}{4})^{4 \cdot 1} = 61862.89330 \dots

Round to the nearest hundredth:

61862.89

Amount : 61862.89

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