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Popular Word Problems >

Maraheb’s parents invested 14,000 at 3% interest compounded quarterly. How much money will be in the account after 10 years

Solution

M a r ah e b ’ s p a re n t s in v es t e d 14, 000 a t 3% in t eres t co m p o u n d e d q u a r t er l y . Ho w m u c h m o n ey w i ll b e in t h e a cco u n t a f t er 10 ye a rs

Solution

Amount : 18876.88

Solution steps

Translate the problem into an equation:

A = 14000 (1 + \frac{0.03}{4})^{4 \cdot 10}

14000 (1 + \frac{0.03}{4})^{4 \cdot 10} = 18876.88057 \dots

Round to the nearest hundredth:

18876.88

Amount : 18876.88

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