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Populaire Word Problems >

Deion puts 500.00 into an account to use for school expenses. The account earns 3% interest, compounded quarterly. How much will be in the account after 6 years?

Solution

De i o n p u t s 500.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 3% 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 b e in t h e a cco u n t a f t er 6 ye a rs ?

Solution

Amount : 598.21

étapes des solutions

Translate the problem into an equation:

A = 500 (1 + \frac{0.03}{4})^{4 \cdot 6}

500 (1 + \frac{0.03}{4})^{4 \cdot 6} = 598.20676 \dots

Arrondir à hundredth la plus proche:

598.21

Amount : 598.21

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