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Populaire Word Problems >

Quinn opened a savings account and deposited 800.00 as principal. The account earns 12% interest, compounded quarterly. What is the balance after 8 years?

Solution

Q u inn 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 800.00 a s p r in c i p a l . T h e a cco u n t e a r n s 12% 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 8 ye a rs ?

Solution

Amount : 2060.07

étapes des solutions

Translate the problem into an equation:

A = 800 (1 + \frac{0.12}{4})^{4 \cdot 8}

800 (1 + \frac{0.12}{4})^{4 \cdot 8} = 2060.06620 \dots

Arrondir à hundredth la plus proche:

2060.07

Amount : 2060.07

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