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Popular Word Problems >

Tracy puts 5,000.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 4 years?

Solution

T r a cy p u t s 5, 000.00 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 12% 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 4 ye a rs ?

Solution

Amount : 8023.53

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.12}{4})^{4 \cdot 4}

5000 (1 + \frac{0.12}{4})^{4 \cdot 4} = 8023.53219 \dots

Round to the nearest hundredth:

8023.53

Amount : 8023.53

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