Popular >

Suppose you'd like to save enough money to pay cash for your next car. The goal is to save an extra 28,000 over the next 3 years. What amount must be deposited quarterly into an account that earns 5.1% interest, compounded quarterly, in ordenar to reach your goal? Round your answer to the nearest cent, if necessary.

Solución

Suppose you'd like to save enough money to pay cash for your next car. The goal is to save an extra 28, 000 over the next 3 years. What amount must be deposited quarterly into an account that earns 5.1% interest, compounded quarterly, in order to reach your goal? Round your answer to the nearest cent, if necessary.

Solución

Amount : 32597.56

Pasos de solución

Translate the problem into an equation:

A = 28000 (1 + \frac{0.051}{4})^{4 \cdot 3}

28000 (1 + \frac{0.051}{4})^{4 \cdot 3} = 32597.55701 \dots

Round to the nearest hundredth:

32597.56

Amount : 32597.56

Ejemplos populares

Lamar deposits 5,000 into an account that pays simple interest at a rate of 3% per year. How much interest will he be paid in the first 6 years?There are 3 consecutive integers that sum to 63. What are the integers the sum of two consecutive even integers is 42. find the two integers The área of a square is 100cm^2 What is its perimeter?At the end of the year, cars made in the current year are marked down to make room for next year's modals. One particular modal had a sticker price of 24,000 when it was new. It has just been marked down by 29%. What is the sale price of the vehicle?