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Beliebt Word Problems >

Investing 5,000 in a savings account at 1% annual interest compounded quarterly will result in approximately how much money after 2 years

Lösung

I n v es t in g 5, 000 in a s a v in g s a cco u n t a t 1% ann u a l in t eres t co m p o u n d e d q u a r t er l y w i ll res u lt in a pp ro x ima t e l y h o w m u c h m o n ey a f t er 2 ye a rs

Lösung

Amount : 5100.88

Schritte zur Lösung

Translate the problem into an equation:

A = 5000 (1 + \frac{0.01}{4})^{4 \cdot 2}

5000 (1 + \frac{0.01}{4})^{4 \cdot 2} = 5100.87938 \dots

Round to the nearest hundredth:

5100.88

Amount : 5100.88

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