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Popular Word Problems >

Jenny opened a savings account and deposited 1,016.00 as principal. The account earns 8.61% interest, compounded quarterly. What is the balance after 10 years?

Solution

J e nn y 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 1, 016.00 a s p r in c i p a l . T h e a cco u n t e a r n s 8.61% 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 10 ye a rs ?

Solution

Amount : 2381.52

Solution steps

Translate the problem into an equation:

A = 1016 (1 + \frac{0.0861}{4})^{4 \cdot 10}

1016 (1 + \frac{0.0861}{4})^{4 \cdot 10} = 2381.51705 \dots

Round to the nearest hundredth:

2381.52

Amount : 2381.52

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