Bill opened a savings account and deposited 4,622.00 as principal. The account earns 2.59% interest, compounded quarterly. What is the balance after 6 years?

Solución

Bill opened a savings account and deposited 4, 622.00 as principal. The account earns 2.59% interest, compounded quarterly. What is the balance after 6 years?

Solución

Amount : 5396.37

Pasos de solución

Translate the problem into an equation:

A = 4622 (1 + \frac{0.0259}{4})^{4 \cdot 6}

4622 (1 + \frac{0.0259}{4})^{4 \cdot 6} = 5396.37032 \dots

Round to the nearest hundredth:

5396.37

Amount : 5396.37

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