Kathleen opened a savings account and deposited 4,000.00 as principal. The account earns 5% interest, compounded quarterly. What is the balance after 8 years?

Solución

Kathleen opened a savings account and deposited 4, 000.00 as principal. The account earns 5% interest, compounded quarterly. What is the balance after 8 years?

Solución

Amount : 5952.52

Pasos de solución

Translate the problem into an equation:

A = 4000 (1 + \frac{0.05}{4})^{4 \cdot 8}

4000 (1 + \frac{0.05}{4})^{4 \cdot 8} = 5952.52203 \dots

Round to the nearest hundredth:

5952.52

Amount : 5952.52

Ejemplos populares

The circunferencia of a circle is 14𝜋 miles. What is the diameter?the sum of three consecutive even integers is-222 Two fewer than a number doubled is the same as the number decreased by 38.:Find the number.6 times the sum of a number x and 7 is 48 Translate the following phrase.:4 times a number decreased by 4 is 18