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Populaire Word Problems >

Destiny opened a savings account and deposited 700.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 3 years?

Solution

Des t in y 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 700.00 a s p r in c i p a l . T h e a cco u n t e a r n s 11% in t eres t, co m p o u n d e d q u a r t er l y . Wha t i s t h e ba l an ce a f t er 3 ye a rs ?

Solution

Amount : 969.35

étapes des solutions

Translate the problem into an equation:

A = 700 (1 + \frac{0.11}{4})^{4 \cdot 3}

700 (1 + \frac{0.11}{4})^{4 \cdot 3} = 969.34864 \dots

Arrondir à hundredth la plus proche:

969.35

Amount : 969.35

Exemples populaires

A number when doubled results in a number that is 5 more than the original number.a number that when decreased by 30% is 40 the sum of 2 times a number and 7 is equal to 9 The sum of three numbers is 15. The sum of twice the first number, 5 times the second number, and 6 times the third number is 56. The différence between 5 times the first number and the second number is 29. Find the three numbers.Evelyn placed 1,500 in a savings account which earns 5.2% interest, compounded annually. How much will she have in the account after 12 years?