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Popular Word Problems >

You open a saving account by depositing 11,250 into an account earning 4.75%. If this account is compounded quarterly, how much would you have in the account after 35 years.

Solution

Y o u o p e n a s a v in g a cco u n t b y d e p os i t in g 11, 250 in t o an a cco u n t e a r nin g 4.75%. I f t hi s a cco u n t i s co m p o u n d e d q u a r t er l y, h o w m u c h w o u l d yo u ha v e in t h e a cco u n t a f t er 35 ye a rs .

Solution

Amount : 58737.27

Solution steps

Translate the problem into an equation:

A = 11250 (1 + \frac{0.0475}{4})^{4 \cdot 35}

11250 (1 + \frac{0.0475}{4})^{4 \cdot 35} = 58737.27252 \dots

Round to the nearest hundredth:

58737.27

Amount : 58737.27

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