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Popular Word Problems >

Cynthia invested 12,000 in a savings account. If the interest rate is 6% per year, how much will be in the account in 10 years with quarterly compounding?

Solution

C y n t hia in v es t e d 12, 000 in a s a v in g s a cco u n t . I f t h e in t eres t r a t e i s 6% p er ye a r, h o w m u c h w i ll b e in t h e a cco u n t in 10 ye a rs w i t h q u a r t er l y co m p o u n d in g ?

Solution

Amount : 21768.22

Solution steps

Translate the problem into an equation:

A = 12000 (1 + \frac{0.06}{4})^{4 \cdot 10}

12000 (1 + \frac{0.06}{4})^{4 \cdot 10} = 21768.22090 \dots

Round to the nearest hundredth:

21768.22

Amount : 21768.22

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