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Popular Word Problems >

Sofia is investing 8,000 in an account paying 5.5% interest compounded quarterly.What will Sofia's account balance be in 7 years?

Solution

S o f ia i s in v es t in g 8, 000 in an a cco u n t p a y in g 5.5% in t eres t co m p o u n d e d q u a r t er l y . Wha t w i ll S o f i a^{'} s a cco u n t ba l an ce b e in 7 ye a rs ?

Solution

Amount : 11726.12

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.055}{4})^{4 \cdot 7}

8000 (1 + \frac{0.055}{4})^{4 \cdot 7} = 11726.11824 \dots

Round to the nearest hundredth:

11726.12

Amount : 11726.12

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