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Popolare Word Problems >

Madelyn opened a savings account and deposited 2,000.00 as principal. The account earns 3% interest, compounded quarterly. What is the balance after 5 years?

Soluzione

M a d e l y n o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 2, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 3% in t eres t, co m p o u n d e d q u a r t er l y . Wha t i s t h e ba l an ce a f t er 5 ye a rs ?

Soluzione

Amount : 2322.37

Fasi della soluzione

Translate the problem into an equation:

A = 2000 (1 + \frac{0.03}{4})^{4 \cdot 5}

2000 (1 + \frac{0.03}{4})^{4 \cdot 5} = 2322.36828 \dots

Arrotondare all' hundredth più vicino:

2322.37

Amount : 2322.37

Esempi popolari

the sum of two consecutive odd integers is-120 Diane is saving up money to buy a car. Diane puts 9,308.00 into an account which earns 12% interest, compounded quarterly. How much will she have in the account after 4 years?if sar has5 lemons and josh has 25 what is that in a ratio twice a number is16 more than 42 . What is the number?Subtract twenty-four from a number.