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Popular Word Problems >

Anya invests 25 000 in an account earning compound interest of 10% per annum compounding quarterly.a Find the amount in the account after 3 years

Solution

A n y a in v es t s 25000 in an a cco u n t e a r nin g co m p o u n d in t eres t o f 10% p er ann u m co m p o u n d in g q u a r t er l y . a F in d t h e am o u n t in t h e a cco u n t a f t er 3 ye a rs

Solution

Amount : 33622.22

Solution steps

Translate the problem into an equation:

A = 25000 (1 + \frac{0.1}{4})^{4 \cdot 3}

25000 (1 + \frac{0.1}{4})^{4 \cdot 3} = 33622.22060 \dots

Round to the nearest hundredth:

33622.22

Amount : 33622.22

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