en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Charlie invests 6,284 in a retirement account with a fixed annual interest rate of 3% compounded 4 times per year. What will the account balance be after 18 years?

Solution

C ha r l i e in v es t s 6, 284 in a re t i re m e n t a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 3% co m p o u n d e d 4 t im es p er ye a r . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 18 ye a rs ?

Solution

Amount : 10761.68

Solution steps

Translate the problem into an equation:

A = 6284 (1 + \frac{0.03}{4})^{4 \cdot 18}

6284 (1 + \frac{0.03}{4})^{4 \cdot 18} = 10761.68120 \dots

Round to the nearest hundredth:

10761.68

Amount : 10761.68

Popular Examples

Donald took out a loan from a bank at 13% interest compounded quarterly. After 2 years, the balance on the loan was 6,000.00. How much interest had accumulated on the loan?Audrey just measured her pet snake and found out that it is 99 inches long, which is 50% longer than the last time Audrey measured. How long was the pet snake last time?Sehlolo has a son, Louis. Here are some facts about how old Sehlolo and Louis are:Sehlolo is 5 times as old as Louis right now.10 years from now, Sehlolo will be 3 times as old as Louis.How old are Sehlolo and Louis now?5 times a number minus 7 is equal to 3 times the number plus 25. Find the number Liz buys 5 more apples than orange ofs. Liz buys 7 orange ofs. How many apples does Liz buy?