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?

Soluzione

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?

Soluzione

Amount : 5952.52

Fasi della soluzione

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

Arrotondare all' hundredth più vicino:

5952.52

Amount : 5952.52

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