Austin is saving up money to buy a car. Austin puts 7,000.00 into an account which earns 13% interest, compounded quarterly. How much will he have in the account after 7 years?

Solución

Austin is saving up money to buy a car. Austin puts 7, 000.00 into an account which earns 13% interest, compounded quarterly. How much will he have in the account after 7 years?

Solución

Amount : 17140.35

Pasos de solución

Translate the problem into an equation:

A = 7000 (1 + \frac{0.13}{4})^{4 \cdot 7}

7000 (1 + \frac{0.13}{4})^{4 \cdot 7} = 17140.35171 \dots

Round to the nearest hundredth:

17140.35

Amount : 17140.35

Ejemplos populares

Four less than three times a number is the same as five times the number. Find the number.The radius of a circle is 4 miles. What is the circle's circunferencia?One number is 1/2 of another number. The sum of the two numbers is 9. Find the two numbers.The diámetro of a circle is 10 ft. Find its area Phoebe is 18 years old. Dimetri is 8 years older than Phoebe. 2 years ago, Phoebe is 3 times as old as Dimetri. How old is Phoebe now