Nicole is saving up money to buy a car. Nicole puts 6,189.00 into an account which earns 13.21% interest, compounded quarterly. How much will she have in the account after 7 years?

Solución

Nicole is saving up money to buy a car. Nicole puts 6, 189.00 into an account which earns 13.21% interest, compounded quarterly. How much will she have in the account after 7 years?

Solución

Amount : 15371.77

Pasos de solución

Translate the problem into an equation:

A = 6189 (1 + \frac{0.1321}{4})^{4 \cdot 7}

6189 (1 + \frac{0.1321}{4})^{4 \cdot 7} = 15371.76640 \dots

Round to the nearest hundredth:

15371.77

Amount : 15371.77

Ejemplos populares

A person invests 7500 dollars in a bank. The bank pays 6% interest compounded semi-annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 10100 dollars?A triángulo has an area of 61.2 square miles and a base of 12 miles. What is the height?The sum of 3 consecutive odd numbers is 183 Twice the sum of a number and eleven is more than negative two.If six less than four times a number is thirty. What is the number?