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Popular Word Problems >

Colin opened a savings account and deposited 2,749.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 9 years?

Solution

C o l in 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 2, 749.00 a s p r in c i p a l . T h e a cco u n t e a r n s 11% in t eres t, co m p o u n d e d q u a r t er l y . Wha t i s t h e ba l an ce a f t er 9 ye a rs ?

Solution

Amount : 7299.96

Solution steps

Translate the problem into an equation:

A = 2749 (1 + \frac{0.11}{4})^{4 \cdot 9}

2749 (1 + \frac{0.11}{4})^{4 \cdot 9} = 7299.96267 \dots

Round to the nearest hundredth:

7299.96

Amount : 7299.96

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