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Popular Word Problems >

what is the total amount after 20 years if 5000 was the starting amount with 6.05 percent interest 4 times a year

Solution

w ha t i s t h e t o t a l am o u n t a f t er 20 ye a rs i f 5000 w a s t h e s t a r t in g am o u n t w i t h 6.05 p erce n t in t eres t 4 t im es a ye a r

Solution

Amount : 11050

Solution steps

Translate the problem into an equation:

A = 5000 (1 + 0.0605 \cdot 20)

5000 (1 + 0.0605 \cdot 20) = 11050

Amount : 11050

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