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Populaire Word Problems >

If you deposit 4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years?

Solution

I f yo u d e p os i t 4000 in t o an a cco u n t p a y in g 6% ann u a l in t eres t co m p o u n d e d q u a r t er l y, h o w m u c h m o n ey w i ll b e in t h e a cco u n t a f t er 5 ye a rs ?

Solution

Amount : 5387.42

étapes des solutions

Translate the problem into an equation:

A = 4000 (1 + \frac{0.06}{4})^{4 \cdot 5}

4000 (1 + \frac{0.06}{4})^{4 \cdot 5} = 5387.42002 \dots

Arrondir à hundredth la plus proche:

5387.42

Amount : 5387.42

Exemples populaires

the sum of two numbers is 26. the product of the two numbers is 153. what are the two numbers Juan deposits \$6000 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 5 years?The sum of 2 numbers is 46. One number is 12 more than the other number. What are the numbers?You deposit 4000 in an account earning 7% interest compounded continuously. How much will you have in the account in 10 years?Kurt has 9,000 in an account. The interest rate is 5% compounded annually.To the nearest cent, how much will he have in 1 year?