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Popular Word Problems >

Harry opened a savings account and deposited 300.00 as principal. The account earns 7% interest, compounded quarterly. What is the balance after 10 years?

Solution

H a rry 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 300.00 a s p r in c i p a l . T h e a cco u n t e a r n s 7% 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 10 ye a rs ?

Solution

Amount : 600.48

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.07}{4})^{4 \cdot 10}

300 (1 + \frac{0.07}{4})^{4 \cdot 10} = 600.47920 \dots

Round to the nearest hundredth:

600.48

Amount : 600.48

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