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Beliebt Word Problems >

An initial investment of 480 is appreciated for 9 years in an account that earns 7% interest, compounded quarterly. Find the amount of money in the account at the end of the period.

Lösung

A n ini t ia l in v es t m e n t o f 480 i s a pp rec ia t e d f or 9 ye a rs in an a cco u n t t ha t e a r n s 7% in t eres t, co m p o u n d e d q u a r t er l y . F in d t h e am o u n t o f m o n ey in t h e a cco u n t a t t h e e n d o f t h e p er i o d .

Lösung

Amount : 896.36

Schritte zur Lösung

Translate the problem into an equation:

A = 480 (1 + \frac{0.07}{4})^{4 \cdot 9}

480 (1 + \frac{0.07}{4})^{4 \cdot 9} = 896.35548 \dots

Round to the nearest hundredth:

896.36

Amount : 896.36

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