en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Mona opened a savings account and deposited 2,045.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 5 years?

Solution

M o na 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 2, 045.00 a s p r in c i p a l . T h e a cco u n t e a r n s 9% 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 5 ye a rs ?

Solution

Amount : 3191.24

Solution steps

Translate the problem into an equation:

A = 2045 (1 + \frac{0.09}{4})^{4 \cdot 5}

2045 (1 + \frac{0.09}{4})^{4 \cdot 5} = 3191.24131 \dots

Round to the nearest hundredth:

3191.24

Amount : 3191.24

Popular Examples

Mandy is 1 year older than Jasmine. Bridgette is 57. Desmond is 40 years younger than Bridgette and 30 years younger than Jasmine. How old is Mandy?Kimi opened a savings account 10 years ago. The account earns 6% interest, compounded annually. If the current balance is 500.00, how much did she deposit initially?If Matilda purchases the painting for 10000 dollars and assumes a growth rate of 5% pa calculate the value of the investment after 2 years using compound interest Jeriel is going to invest in an account paying an interest rate of 6.5% compounded continuously. How much would Jeriel need to invest, to the nearest cent, for the value of the account to reach 137,000 in 5 years?sum of three consecutive numbers are is 248 find the numbers