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Popolare Word Problems >

you deposit 5000 in an account that pays 2.25% annual interest. Find the balance after 5 years when the interest is compounded quarterly. Round your answer to the nearest cent.

Soluzione

yo u d e p os i t 5000 in an a cco u n t t ha t p a ys 2.25% ann u a l in t eres t . F in d t h e ba l an ce a f t er 5 ye a rs w h e n t h e in t eres t i s co m p o u n d e d q u a r t er l y . R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Soluzione

Amount : 5593.6

Fasi della soluzione

Translate the problem into an equation:

A = 5000 (1 + \frac{0.0225}{4})^{4 \cdot 5}

5000 (1 + \frac{0.0225}{4})^{4 \cdot 5} = 5593.59776 \dots

Arrotondare all' hundredth più vicino:

5593.6

Amount : 5593.6

Esempi popolari

Find the time required for an investment of 5000 dollars to grow to 6200 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Round your answer to 2 decimal places. Your answer is t= years. Question Help: Message instructor How much money should you invest now to have 15,000 in 9 years if you invest the money at a rate of 1.2%, compounded monthly?the sum of three consecutive odd integers such that seven times the sum of the first two integers is three more than nine times the third integer 2 years ago, Harold won some money in the lottery and put it in a bank account that earns 7% interest compounded monthly. If Harold currently has 100.00 in the bank account, how much interest has he earned?Rose opened a savings account 4 years ago. The account earns 12% interest, compounded annually. If the current balance is 800.00, how much did she deposit initially?