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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?

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Solution

Cynthiainvested12,000inasavingsaccount.Iftheinterestrateis6%peryear,howmuchwillbeintheaccountin10yearswithquarterlycompounding?

Solution

Amount:21768.22
Solution steps
Translate the problem into an equation:A=12000(1+40.06​)4⋅10
12000(1+40.06​)4⋅10=21768.22090…
Round to the nearest hundredth:21768.22
Amount:21768.22

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