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Popular Word Problems >

Lamar opened a savings account and deposited 200.00 as principal. The account earns 3% interest, compounded quarterly. What is the balance after 5 years?

Solution

L ama r o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 200.00 a s p r in c i p a l . 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 . Wha t i s t h e ba l an ce a f t er 5 ye a rs ?

Solution

Amount : 232.24

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.03}{4})^{4 \cdot 5}

200 (1 + \frac{0.03}{4})^{4 \cdot 5} = 232.23682 \dots

Round to the nearest hundredth:

232.24

Amount : 232.24

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