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Popular Word Problems >

Aaliyah opened a savings account and deposited 1,000.00 as principal. The account earns 15% interest, compounded quarterly. What is the balance after 5 years?

Solução

A a l i y ah 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, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 15% 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 ?

Solução

Amount : 2088.15

Passos da solução

Translate the problem into an equation:

A = 1000 (1 + \frac{0.15}{4})^{4 \cdot 5}

1000 (1 + \frac{0.15}{4})^{4 \cdot 5} = 2088.15199 \dots

Round to the nearest hundredth:

2088.15

Amount : 2088.15

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