Percy and Amanda deposit 6,150.00 into a savings account which earns 4% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Percy and Amanda deposit 6, 150.00 into a savings account which earns 4% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Amount : 6929.97

Pasos de solución

Translate the problem into an equation:

A = 6150 (1 + \frac{0.04}{4})^{4 \cdot 3}

6150 (1 + \frac{0.04}{4})^{4 \cdot 3} = 6929.97393 \dots

Round to the nearest hundredth:

6929.97

Amount : 6929.97

Ejemplos populares

Tanvi earned some money doing odd jobs last summer and put it in a savings account that earns 12% interest compounded monthly. After 5 years, there is 800.00 in the account. How much did Tanvi earn doing odd jobs?What is the volume of a sphere with a radio of 8 m, rounded to the nearest tenth of a cubic meter?Finn and Ellie deposit 600.00 into a savings account which earns 5% interest compounded continuously. They want to use the money in the account to go on a trip in 1 year. How much will they be able to spend?The perimeter of a rectángulo is 48 inches. If the width of the rectángulo is 6 inches, what is the length?The sum of a number and 5 is-42. What is the number?