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Popular Word Problems >

Suppose you invest 3,500 in a savings account that earns 7% interest, compounded quarterly. How much money would you have after 6 years? Round your answer to the nearest penny

Solução

S u pp ose yo u in v es t 3, 500 in a s a v in g s a cco u n t t ha t e a r n s 7% 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 m o n ey w o u l d yo u ha v e a f t er 6 ye a rs ? R o u n d yo u r an s w er t o t h e n e a res t p e nn y

Solução

Amount : 5307.55

Passos da solução

Translate the problem into an equation:

A = 3500 (1 + \frac{0.07}{4})^{4 \cdot 6}

3500 (1 + \frac{0.07}{4})^{4 \cdot 6} = 5307.54975 \dots

Round to the nearest hundredth:

5307.55

Amount : 5307.55

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