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Popular Word Problems >

Brenna is saving up money to buy a car. Brenna puts 5,000.00 into an account which earns 2% interest, compounded quarterly. How much will she have in the account after 3 years?'

Solution

B re nna i s s a v in g u p m o n ey t o b u y a c a r . B re nna p u t s 5, 000.00 in t o an a cco u n t w hi c h 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 w i ll s h e ha v e in t h e a cco u n t a f t er 3 ye a rs ?^{'}

Solution

Amount : 5308.39

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.02}{4})^{4 \cdot 3}

5000 (1 + \frac{0.02}{4})^{4 \cdot 3} = 5308.38905 \dots

Round to the nearest hundredth:

5308.39

Amount : 5308.39

Popular Examples

the sum of 9 times a number and 3 is 4 A massage gun costing 14.00 to manufacture is marked up 150%. What is the selling price?the sum of 9 times a number and 3 is 2 the product of the number and −14 Keyanna saved 4600. Over the course of 4 years, Keyanna ended up earning an additional 1656 in interest. What was the simple interest rate of the loan?