Martha invests 7700 in a new savings account which earns 5.2% annual interest, compounded quarterly. What will be the value of her investment after 4 years? Round to the nearest cent.

Solución

Solución

Amount : 9467.64

Pasos de solución

Translate the problem into an equation:

A = 7700 (1 + \frac{0.052}{4})^{4 \cdot 4}

7700 (1 + \frac{0.052}{4})^{4 \cdot 4} = 9467.64250 \dots

Round to the nearest hundredth:

9467.64

Amount : 9467.64

Ejemplos populares

The circunferencia of a circle is 25.12 yards. What is the circle's radius?The sum of two numbers is 48. The difference of the two numbers is 34.The stock of Company A lost 4.25% today to 30.64. What was the opening price of the stock in the beginning of the day?a number divided-9 is-16 Aaron is five years younger than Roy.In four years time Roy will be twice as old as Aaron