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Popular Word Problems >

Franco puts 3,000.00 into an account to use for school expenses. The account earns 5% interest, compounded quarterly. How much will be in the account after 9 years?

Solución

F r an co p u t s 3, 000.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 5% in t eres t, co m p o u n d e d q u a r t er l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 9 ye a rs ?

Solución

Amount : 4691.83

Pasos de solución

Translate the problem into an equation:

A = 3000 (1 + \frac{0.05}{4})^{4 \cdot 9}

3000 (1 + \frac{0.05}{4})^{4 \cdot 9} = 4691.83145 \dots

Redondear al más cercano hundredth:

4691.83

Amount : 4691.83

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