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Popular Word Problems >

You deposit 3500 in an account that pays 2.16% annual interest. Find the balance after 6 years when the interest is compounded quarterly.

Solution

Y o u d e p os i t 3500 in an a cco u n t t ha t p a ys 2.16% ann u a l in t eres t . F in d t h e ba l an ce a f t er 6 ye a rs w h e n t h e in t eres t i s co m p o u n d e d q u a r t er l y .

Solution

Amount : 3982.92

Solution steps

Translate the problem into an equation:

A = 3500 (1 + \frac{0.0216}{4})^{4 \cdot 6}

3500 (1 + \frac{0.0216}{4})^{4 \cdot 6} = 3982.91635 \dots

Round to the nearest hundredth:

3982.92

Amount : 3982.92

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