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Popular Word Problems >

Suppose that when your friend was born, your friend's parents deposited 4000 in an account paying 4.5% interest compounded quarterly. What will the account balance be after 19 years?

Solution

S u pp ose t ha t w h e n yo u r f r i e n d w a s ​ b or n, yo u r ​ f r i e n d^{'} s p a re n t s d e p os i t e d ​4000 in an a cco u n t p a y in g 4.5​% in t eres t co m p o u n d e d q u a r t er l y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 19 ​ ye a rs ?

Solution

Amount : 9360.71

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.045}{4})^{4 \cdot 19}

4000 (1 + \frac{0.045}{4})^{4 \cdot 19} = 9360.70637 \dots

Round to the nearest hundredth:

9360.71

Amount : 9360.71

Popular Examples

The diameter of a circle is 7 ft. Find its circumference in terms of pi pi thrice the number decreased by four the sum of two numbers is 24 and their difference is 2. what are the numbers?A number divided by 2, plus 5, is 8 2 less than the quotient of a number and 9 is 5.