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Popular Word Problems >

A bank features a savings account that has an annual percentage rate of 3.5 % with interest compounded quarterly. Amber deposits 10,000 into the account.How much money will Amber have in the account in 1 year?

Solução

A bank f e a t u res a s a v in g s a cco u n t t ha t ha s an ann u a l p erce n t a g e r a t e o f 3.5 % w i t h in t eres t co m p o u n d e d q u a r t er l y . A mb er d e p os i t s 10, 000 in t o t h e a cco u n t . Ho w m u c h m o n ey w i ll A mb er ha v e in t h e a cco u n t in 1 ye a r ?

Solução

Amount : 10354.62

Passos da solução

Translate the problem into an equation:

A = 10000 (1 + \frac{0.035}{4})^{4 \cdot 1}

10000 (1 + \frac{0.035}{4})^{4 \cdot 1} = 10354.62060 \dots

Round to the nearest hundredth:

10354.62

Amount : 10354.62

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