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Populaire Word Problems >

Martha opened a savings account and deposited 300.00 as principal. The account earns 2% interest, compounded quarterly. How much interest will she earn after 3 years?

Solution

M a r t ha o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 300.00 a s p r in c i p a l . T h e a cco u n t e a r n s 2% 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 in t eres t w i ll s h e e a r n a f t er 3 ye a rs ?

Solution

Interest : 18.5

étapes des solutions

Translate the problem into an equation:

318.50334 \dots = 300 + I

Solutionner pour

I, 318.50334 \dots = 300 + I : I = 18.5

Interest : 18.5

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