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Beliebt Word Problems >

Find the balance if 21000 is invested in an account paying 5 % interest compounded quarterly for 20 years.

Lösung

F in d t h e ba l an ce i f 21000 i s in v es t e d in an a cco u n t p a y in g 5 % in t eres t co m p o u n d e d q u a r t er l y f or 20 ye a rs .

Lösung

Amount : 56731.18

Schritte zur Lösung

Translate the problem into an equation:

A = 21000 (1 + \frac{0.05}{4})^{4 \cdot 20}

21000 (1 + \frac{0.05}{4})^{4 \cdot 20} = 56731.18375 \dots

Round to the nearest hundredth:

56731.18

Amount : 56731.18

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