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Popular Word Problems >

Darrell opened a savings account and deposited 4,517.00 as principal. The account earns 4% interest, compounded quarterly. What is the balance after 9 years?

Solution

D a rre ll 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 4, 517.00 a s p r in c i p a l . T h e a cco u n t e a r n s 4% 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 9 ye a rs ?

Solution

Amount : 6462.78

Solution steps

Translate the problem into an equation:

A = 4517 (1 + \frac{0.04}{4})^{4 \cdot 9}

4517 (1 + \frac{0.04}{4})^{4 \cdot 9} = 6462.78259 \dots

Round to the nearest hundredth:

6462.78

Amount : 6462.78

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