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Popular Word Problems >

Kenneth puts 700.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 4 years?

Solution

Ke nn e t h p u t s 700.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 12% 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 w i ll b e in t h e a cco u n t a f t er 4 ye a rs ?

Solution

Amount : 1123.29

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.12}{4})^{4 \cdot 4}

700 (1 + \frac{0.12}{4})^{4 \cdot 4} = 1123.29450 \dots

Round to the nearest hundredth:

1123.29

Amount : 1123.29

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