Cynthia invested 12,000 in a savings account. If the interest rate is 6% per year, how much will be in the account in 10 years with quarterly compounding?

Solución

Cynthia invested 12, 000 in a savings account. If the interest rate is 6% per year, how much will be in the account in 10 years with quarterly compounding?

Solución

Amount : 21768.22

Pasos de solución

Translate the problem into an equation:

A = 12000 (1 + \frac{0.06}{4})^{4 \cdot 10}

12000 (1 + \frac{0.06}{4})^{4 \cdot 10} = 21768.22090 \dots

Round to the nearest hundredth:

21768.22

Amount : 21768.22

Ejemplos populares

Between which two consecutive integers does \sqrt[3]{168} lie?twenty-four is eight less than twice a number.What is the number The wasíntotaale price for a shirt is 4.50 . A certain department store marks up the wasíntotaale price by 90%. Find the price of the shirt in the department store.Round your answer to the nearest cent, as necessary.The sum of 8 times a number and 3 equals 2 a number squared is less than or equal to 30