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Popular Word Problems >

Suppose that when your friend was born, your friend's parents deposited 9000 in an account paying 5.1% interest compounded quarterly. What will the account balance be after 15 years?

Solution

S u pp ose t ha t w h e n yo u r f r i e n d w a s ​ b or n, yo u r ​ f r i e n d^{'} s p a re n t s d e p os i t e d ​9000 in an a cco u n t p a y in g 5.1​% in t eres t co m p o u n d e d q u a r t er l y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 15 ​ ye a rs ?

Solution

Amount : 19247.65

Solution steps

Translate the problem into an equation:

A = 9000 (1 + \frac{0.051}{4})^{4 \cdot 15}

9000 (1 + \frac{0.051}{4})^{4 \cdot 15} = 19247.64591 \dots

Round to the nearest hundredth:

19247.65

Amount : 19247.65

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