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Beliebt 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?

Lösung

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 ?

Lösung

Amount : 10761.68

Schritte zur Lösung

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

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