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شائع Word Problems >

Bill opened a savings account and deposited 4,622.00 as principal. The account earns 2.59% interest, compounded quarterly. What is the balance after 6 years?

الحلّ

B i ll o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 4, 622.00 a s p r in c i p a l . T h e a cco u n t e a r n s 2.59% in t eres t, co m p o u n d e d q u a r t er l y . Wha t i s t h e ba l an ce a f t er 6 ye a rs ?

الحلّ

Amount : 5396.37

خطوات الحلّ

Translate the problem into an equation:

A = 4622 (1 + \frac{0.0259}{4})^{4 \cdot 6}

4622 (1 + \frac{0.0259}{4})^{4 \cdot 6} = 5396.37032 \dots

Round to the nearest hundredth:

5396.37

Amount : 5396.37

أمثلة شائعة

Raymond is saving up money to buy a car. Raymond puts 7,708.00 into an account which earns 6% interest, compounded quarterly. How much will he have in the account after 3 years?nine subtracted from four times a number is 7 Between which two consecutive integers is \sqrt[3]{155}Alvin is 15 years older than Elga. The sum of their ages is 101 . What is Elga's age?Angela deposits 2000 into an account with an APR of 4.9% for 11 years. Find the future value of the account if interest is compounded weekly. Round your answer to two decimal places.