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Popular Word Problems >

Stanley opened a savings account and deposited 7,000.00 as principal. The account earns 7% interest, compounded quarterly. How much interest will he earn after 5 years?

Solución

St an l ey 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 7, 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 7% 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 in t eres t w i ll h e e a r n a f t er 5 ye a rs ?

Solución

Interest : 2903.45

Pasos de solución

Translate the problem into an equation:

9903.44737 \dots = 7000 + I

Resolver para

I, 9903.44737 \dots = 7000 + I : I = 2903.45

Interest : 2903.45

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