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Popular Word Problems >

Hector is saving up money to buy a car. Hector puts 6,187.00 into an account which earns 5% interest, compounded quarterly. How much will he have in the account after 2 years?

Solution

Hec t or i s s a v in g u p m o n ey t o b u y a c a r . Hec t or p u t s 6, 187.00 in t o an a cco u n t w hi c h e a r n s 5% 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 h e ha v e in t h e a cco u n t a f t er 2 ye a rs ?

Solution

Amount : 6833.46

Solution steps

Translate the problem into an equation:

A = 6187 (1 + \frac{0.05}{4})^{4 \cdot 2}

6187 (1 + \frac{0.05}{4})^{4 \cdot 2} = 6833.45550 \dots

Round to the nearest hundredth:

6833.46

Amount : 6833.46

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