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Populaire Word Problems >

Ron is saving up money to buy a car. Ron puts 5,213.00 into an account which earns 7.7% interest, compounded quarterly. How much will he have in the account after 7 years?

Solution

R o n i s s a v in g u p m o n ey t o b u y a c a r . R o n p u t s 5, 213.00 in t o an a cco u n t w hi c h e a r n s 7.7% 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 w i ll h e ha v e in t h e a cco u n t a f t er 7 ye a rs ?

Solution

Amount : 8890.94

étapes des solutions

Translate the problem into an equation:

A = 5213 (1 + \frac{0.077}{4})^{4 \cdot 7}

5213 (1 + \frac{0.077}{4})^{4 \cdot 7} = 8890.94427 \dots

Arrondir à hundredth la plus proche:

8890.94

Amount : 8890.94

Exemples populaires

33 less than twice a number is equal to the number what is the number Supposed you deposit 10, 000 into an account that compounds continuously with an annual rate of 6.7%, How\ much\ money\ will\ you\ have\ in\ 3\ years?george is 10 years older than bob. In 4 years he will be twice as old as bob. Find the present age of each In 2 years, Melissa wants to buy a bicycle that costs 400.00. If she opens a savings account that earns 3% interest compounded annually, how much will she have to deposit as principal to have enough money in 2 years to buy the bike?Kirk inherited some money from his grandfather and put it in a bank account that earns 3% interest compounded quarterly. After 10 years, Kirk had 500.00 in the bank account. How much interest did he earn?