Kathleen puts 300.00 into an account to use for school expenses. The account earns 10% interest, compounded quarterly. How much will be in the account after 10 years?

Solución

Solución

Amount : 805.52

Pasos de solución

Translate the problem into an equation:

A = 300 (1 + \frac{0.1}{4})^{4 \cdot 10}

300 (1 + \frac{0.1}{4})^{4 \cdot 10} = 805.51915 \dots

Round to the nearest hundredth:

805.52

Amount : 805.52

Ejemplos populares

Eight more than the product of a number and 4 is 2 how long will it take R1000 at 10% p.a compounded weekly to double itself twice the difference between a number x and 10.When a number is doubled and then decreased by 9 the result is 19. Find the number Joann invested 43,700 at 12% to be compounded monthly. What will be the value of Joann's investment in 4 years? Round your answer to the nearest cent, if necessary.