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Popular Word Problems >

Trisha is saving up money to buy a car. Trisha puts 6,599.00 into an account which earns 9.61% interest, compounded quarterly. How much will she have in the account after 2 years?

Solution

T r i s ha i s s a v in g u p m o n ey t o b u y a c a r . T r i s ha p u t s 6, 599.00 in t o an a cco u n t w hi c h e a r n s 9.61% 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 s h e ha v e in t h e a cco u n t a f t er 2 ye a rs ?

Solution

Amount : 7979.26

Solution steps

Translate the problem into an equation:

A = 6599 (1 + \frac{0.0961}{4})^{4 \cdot 2}

6599 (1 + \frac{0.0961}{4})^{4 \cdot 2} = 7979.25976 \dots

Round to the nearest hundredth:

7979.26

Amount : 7979.26

Popular Examples

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