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Popular Word Problems >

Find the final amount of money in an account if \$500 is deposited at 7.5 %interest compounded quarterly and the money is left for 8 years.

Solution

solve for

t h e f ina l am o u n t o f m o n ey in an a cco u n t i f $500 i s d e p os i t e d a t 7.5 % in t eres t co m p o u n d e d q u a r t er l y an d t h e m o n ey i s l e f t f or 8 ye a rs .

Solution

Amount : 906.01

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.075}{4})^{4 \cdot 8}

500 (1 + \frac{0.075}{4})^{4 \cdot 8} = 906.01189 \dots

Round to the nearest hundredth:

906.01

Amount : 906.01

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