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Popular Word Problems >

Shelby puts 200.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 6 years?

Solución

S h e l b y p u t s 200.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 12% in t eres t, co m p o u n d e d q u a r t er l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 6 ye a rs ?

Solución

Amount : 406.56

Pasos de solución

Translate the problem into an equation:

A = 200 (1 + \frac{0.12}{4})^{4 \cdot 6}

200 (1 + \frac{0.12}{4})^{4 \cdot 6} = 406.55882 \dots

Redondear al más cercano hundredth:

406.56

Amount : 406.56

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