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Popular Word Problems >

15000 dollars is invested for 10 years with an APR of 5% and quarterly compounding. what is the balance in the account after 10 years

Solution

15000 d o ll a rs i s in v es t e d f or 10 ye a rs w i t h an A PR o f 5% an d q u a r t er l y co m p o u n d in g . w ha t i s t h e ba l an ce in t h e a cco u n t a f t er 10 ye a rs

Solution

Amount : 24654.29

Solution steps

Translate the problem into an equation:

A = 15000 (1 + \frac{0.05}{4})^{4 \cdot 10}

15000 (1 + \frac{0.05}{4})^{4 \cdot 10} = 24654.29195 \dots

Round to the nearest hundredth:

24654.29

Amount : 24654.29

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