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Popular Word Problems >

A bank features a savings account that has an annual percentage rate of 3.4% with interest compounded quarterly. Ashley deposits 2,000 into the account.What is the account balance after 4 years.

Solução

A bank f e a t u res a s a v in g s a cco u n t t ha t ha s an ann u a l p erce n t a g e r a t e o f 3.4% w i t h in t eres t co m p o u n d e d q u a r t er l y . A s h l ey d e p os i t s 2, 000 in t o t h e a cco u n t . Wha t i s t h e a cco u n t ba l an ce a f t er 4 ye a rs .

Solução

Amount : 2290.05

Passos da solução

Translate the problem into an equation:

A = 2000 (1 + \frac{0.034}{4})^{4 \cdot 4}

2000 (1 + \frac{0.034}{4})^{4 \cdot 4} = 2290.04721 \dots

Round to the nearest hundredth:

2290.05

Amount : 2290.05

Exemplos populares

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