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Popular Word Problems >

Mr. Campbell has 700 with interest rate compounded QUARTERLY at 5% per YEAR for 10 years. What formula you will use to solve the total amount in the account?

Solution

M r . C am p b e ll ha s 700 w i t h in t eres t r a t e co m p o u n d e d Q U A RTER L Y a t 5% p er Y E A R f or 10 ye a rs . Wha t f or m u l a yo u w i ll u se t o so l v e t h e t o t a l am o u n t in t h e a cco u n t ?

Solution

Amount : 1150.53

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.05}{4})^{4 \cdot 10}

700 (1 + \frac{0.05}{4})^{4 \cdot 10} = 1150.53362 \dots

Round to the nearest hundredth

Amount : 1150.53

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