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Populaire Word Problems >

A 2,000 deposit is made at a bank that pays 13% compounded quarterly. How much will you have in your account at the end of 8 years?

Solution

A 2, 000 d e p os i t i s ma d e a t a bank t ha t p a ys 13% 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 yo u ha v e in yo u r a cco u n t a t t h e e n d o f 8 ye a rs ?

Solution

Amount : 5565.6

étapes des solutions

Translate the problem into an equation:

A = 2000 (1 + \frac{0.13}{4})^{4 \cdot 8}

2000 (1 + \frac{0.13}{4})^{4 \cdot 8} = 5565.59917 \dots

Arrondir à hundredth la plus proche:

5565.6

Amount : 5565.6

Exemples populaires

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