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Popular Word Problems >

Tyler puts 200.00 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

T y l er p u t s 200.00 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 : 239.28

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.03}{4})^{4 \cdot 6}

200 (1 + \frac{0.03}{4})^{4 \cdot 6} = 239.28270 \dots

Round to the nearest hundredth:

239.28

Amount : 239.28

Popular Examples

the sum of two numbers is 30. The larger number equals the smaller number plus 6. find the two numbers 18%of what number is 43 the quotient of a number and-9 increased by ten is 11 The sum of a number times 7 and 15 is less than-16.Bonnie puts 1,000.00 into an account to use for school expenses. The account earns 10% interest, compounded annually. How much will be in the account after 6 years?