Mona opened a savings account and deposited 2,045.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 5 years?

Solución

Mona opened a savings account and deposited 2, 045.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 5 years?

Solución

Amount : 3191.24

Pasos de solución

Translate the problem into an equation:

A = 2045 (1 + \frac{0.09}{4})^{4 \cdot 5}

2045 (1 + \frac{0.09}{4})^{4 \cdot 5} = 3191.24131 \dots

Round to the nearest hundredth:

3191.24

Amount : 3191.24

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