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شائع Word Problems >

Investing 5,000 in a savings account at 1% annual interest compounded quarterly will result in approximately how much money after 2 years

الحلّ

I n v es t in g 5, 000 in a s a v in g s a cco u n t a t 1% ann u a l in t eres t co m p o u n d e d q u a r t er l y w i ll res u lt in a pp ro x ima t e l y h o w m u c h m o n ey a f t er 2 ye a rs

الحلّ

Amount : 5100.88

خطوات الحلّ

Translate the problem into an equation:

A = 5000 (1 + \frac{0.01}{4})^{4 \cdot 2}

5000 (1 + \frac{0.01}{4})^{4 \cdot 2} = 5100.87938 \dots

Round to the nearest hundredth:

5100.88

Amount : 5100.88

أمثلة شائعة

After a 40% reduction, you purchase a new television for 234. What was the price of the television before the reduction?Jon opened a savings account and deposited 1,461.00. The account earns 9.88% interest, compounded quarterly. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?16 less than a number Agyapong is three times as old as Musa. three years ago he was four times as old as Musa. how old is each boy now.nine times the sum of a number and 4 equals 8