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Popular Word Problems >

Suppose that when your friend was born, your friend's parents deposited 2000 in an account paying 5.7% interest compounded quarterly. What will the account balance be after 17 years?

Solution

S u pp ose t ha t w h e n yo u r f r i e n d w a s ​ b or n, yo u r ​ f r i e n d^{'} s p a re n t s d e p os i t e d ​2000 in an a cco u n t p a y in g 5.7​% in t eres t co m p o u n d e d q u a r t er l y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 17 ​ ye a rs ?

Solution

Amount : 5234.69

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.057}{4})^{4 \cdot 17}

2000 (1 + \frac{0.057}{4})^{4 \cdot 17} = 5234.69170 \dots

Round to the nearest hundredth:

5234.69

Amount : 5234.69

Popular Examples

The product of two consecutive negative odd integers is 15. Find the value of the greater integer.a number that when decreased by 30% is 12 7 less than the product of 2 and number when 19 is subtracted from a number, the result is 32 The diameter of a circle is 30 ft. Find its area to the nearest whole number.