Alan puts 800.00 into an account to use for school expenses. The account earns 7% interest, compounded quarterly. How much will be in the account after 10 years?

Solución

Solución

Amount : 1601.28

Pasos de solución

Translate the problem into an equation:

A = 800 (1 + \frac{0.07}{4})^{4 \cdot 10}

800 (1 + \frac{0.07}{4})^{4 \cdot 10} = 1601.27787 \dots

Round to the nearest hundredth:

1601.28

Amount : 1601.28

Ejemplos populares

The population of a city increases by 2.7% per year. If this year's population is 197,000, what will next year's population be, to the nearest individual?find the probability of getting a number less than 7 when a dice is thrown The radius of a circle is 13 cm. Find its circunferencia in terms of pi Translate the sentence into an equation.:The sum of 3 times a number and 2 equals 6:Use the variable x for the unknown number.The circunferencia of a circle is 6.28 centimeters. What is the circle's radius?