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Popular Word Problems >

Isaiah puts 7,724.00 into an account to use for school expenses. The account earns 9% interest, compounded quarterly. How much will be in the account after 7 years?

Solution

I s aiah p u t s 7, 724.00 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 9% 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 7 ye a rs ?

Solution

Amount : 14401.75

Solution steps

Translate the problem into an equation:

A = 7724 (1 + \frac{0.09}{4})^{4 \cdot 7}

7724 (1 + \frac{0.09}{4})^{4 \cdot 7} = 14401.74550 \dots

Round to the nearest hundredth:

14401.75

Amount : 14401.75

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