Christina opened a savings account and deposited 5,000.00 as principal. The account earns 15% interest, compounded quarterly. What is the balance after 10 years?

Solución

Christina opened a savings account and deposited 5, 000.00 as principal. The account earns 15% interest, compounded quarterly. What is the balance after 10 years?

Solución

Amount : 21801.89

Pasos de solución

Translate the problem into an equation:

A = 5000 (1 + \frac{0.15}{4})^{4 \cdot 10}

5000 (1 + \frac{0.15}{4})^{4 \cdot 10} = 21801.89379 \dots

Round to the nearest hundredth:

21801.89

Amount : 21801.89

Ejemplos populares

A principal of 2600 is invested at 6% interest, compounded annually. How much will the investment be worth after 14 years?If a person is 2 times another person’s age now, how old will they be in 10 years time An amount of PHP 3,000 is borrowed for 2 years. At the end of the two years, PHP 3,720 is paid back. What was the simple interest rate?Kurt planted sunflowers in the communitarioy garden. During his last visit to the garden, the plants were 63 inches tall. Today, Kurt found them to be 10% taller. How tall are the sunflowers now?Adele is 43. Cooper is 13 years older than Tara and 29 years older than Josh. Tara is 21 years younger than Adele. How old is Cooper? years old