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Popular Word Problems >

Victor is saving up money to buy a car. Victor puts 10,000.00 into an account which earns 4% interest, compounded quarterly. How much will he have in the account after 9 years?

Solução

Vi c t or i s s a v in g u p m o n ey t o b u y a c a r . Vi c t or p u t s 10, 000.00 in t o an a cco u n t w hi c h e a r n s 4% in t eres t, co m p o u n d e d q u a r t er l y . Ho w m u c h w i ll h e ha v e in t h e a cco u n t a f t er 9 ye a rs ?

Solução

Amount : 14307.69

Passos da solução

Translate the problem into an equation:

A = 10000 (1 + \frac{0.04}{4})^{4 \cdot 9}

10000 (1 + \frac{0.04}{4})^{4 \cdot 9} = 14307.68783 \dots

Round to the nearest hundredth:

14307.69

Amount : 14307.69

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