Billy and Clare deposit 2,000.00 into a savings account which earns 15% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solución

Billy and Clare deposit 2, 000.00 into a savings account which earns 15% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solución

Amount : 2684.94

Pasos de solución

Translate the problem into an equation:

A = 2000 (1 + \frac{0.15}{4})^{4 \cdot 2}

2000 (1 + \frac{0.15}{4})^{4 \cdot 2} = 2684.94156 \dots

Round to the nearest hundredth:

2684.94

Amount : 2684.94

Ejemplos populares

fourteen less than twice a number is negative 50. Find the number.7 more than a number is 20 a number increased by 5 is at most 25 You roll a 6-sided die two times. what is the probability of rolling a 5 and then rolling a 4?Find the amount of money owed at the end of 3 years if 2700 is borrowed at 1.5% per year compounded monthly and no payments are made on the loan.