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Populaire Word Problems >

Gabby opened a savings account and deposited 500.00 as principal. The account earns 3% interest, compounded quarterly. How much interest will she earn after 7 years? write three decimals

Solution

G abb 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 500.00 a s p r in c i p a l . T h e a cco u n t e a r n s 3% in t eres t, co m p o u n d e d q u a r t er l y . Ho w m u c h in t eres t w i ll s h e e a r n a f t er 7 ye a rs ? w r i t e t h ree d ec ima l s

Solution

Interest : 116.36

étapes des solutions

Translate the problem into an equation:

616.35587 \dots = 500 + I

Solutionner pour

I, 616.35587 \dots = 500 + I : I = 116.36

Interest : 116.36

Exemples populaires

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