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Populaire Word Problems >

Use the given information to find the amount A in the account earning compound interest after 6 years when the principal is 3500. Round your answer to the nearest cent.r=2.16% , compounded quarterly

Solution

U se t h e g i v e n in f or ma t i o n t o f in d t h e am o u n t A in t h e a cco u n t e a r nin g co m p o u n d in t eres t a f t er 6 ye a rs w h e n t h e p r in c i p a l i s 3500. R o u n d yo u r an s w er t o t h e n e a res t ce n t . r = 2.16%, co m p o u n d e d q u a r t er l y

Solution

Interest : 424.36

étapes des solutions

Translate the problem into an equation:

3500 = \frac{3500 \cdot 4 ^{24}}{4.021 6 ^{24}} + I

Solutionner pour

I, 3500 = \frac{3500 \cdot 4 ^{24}}{4.021 6 ^{24}} + I : I = 424.36

Interest : 424.36

Exemples populaires

The distance Elizabeth travels on her bicycle caries directly the amount of time she rides. Elizabeth can travel 15 miles in 2.5 hours on her bicycle. How far would Elizabeth travel of she rides her bicycle for 4 hours?of a cercle with a radius of 0.5m :was the area of the sand mandala? Use 3.14 for pi 7th\ number = 29 simplifier find 2 consecutive whole numbers that sqrt(120) lies between Find the time required for an investment of 5000 dollars to grow to 6400 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Your answer is t= years. You may enter the exact value or round to 2 decimal places.