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Populaire Word Problems >

Austin invested 11,000 in an account paying an interest rate of 5.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 6 years?

Solution

A u s t in in v es t e d 11, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 5.7% co m p o u n d e d q u a r t er l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t d o ll a r, w o u l d b e in t h e a cco u n t a f t er 6 ye a rs ?

Solution

Amount : 15448.03

étapes des solutions

Translate the problem into an equation:

A = 11000 (1 + \frac{0.057}{4})^{4 \cdot 6}

11000 (1 + \frac{0.057}{4})^{4 \cdot 6} = 15448.02907 \dots

Arrondir à hundredth la plus proche:

15448.03

Amount : 15448.03

Exemples populaires

3600 dollars is placed in an account with an annual interest rate of 9%. How much will be in the account after 25 years, to the nearest cent?Ian is going to invest in an account paying an interest rate of 6.2% compounded continuously. How much would Ian need to invest, to the nearest ten dollars, for the value of the account to reach 182,000 in 10 years?The sum of two numbers is 23. Four more than twice one number is triple the other number. Find the two numbers.Emma invested 750 in an account paying an interest rate of 1.9% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 910?Victor is y years old.:His brother Fred is four years old than Victor.:The product of their ages is 780:Set up an equation to represent this information.