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Popular Word Problems >

Kirk opened a savings account and deposited 8,459.00 as principal. The account earns 6% interest, compounded quarterly. What is the balance after 2 years?

Solución

K i r k 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 8, 459.00 a s p r in c i p a l . T h e a cco u n t e a r n s 6% 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 2 ye a rs ?

Solución

Amount : 9529

Pasos de solución

Translate the problem into an equation:

A = 8459 (1 + \frac{0.06}{4})^{4 \cdot 2}

8459 (1 + \frac{0.06}{4})^{4 \cdot 2} = 9529.00079 \dots

Redondear al más cercano hundredth:

9529

Amount : 9529

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