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Popular Word Problems >

Kirk puts 6,000.00 into an account to use for school expenses. The account earns 4% interest, compounded quarterly. How much will be in the account after 4 years?

Solution

K i r k p u t s 6, 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 4% 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 : 7035.47

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.04}{4})^{4 \cdot 4}

6000 (1 + \frac{0.04}{4})^{4 \cdot 4} = 7035.47186 \dots

Round to the nearest hundredth:

7035.47

Amount : 7035.47

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