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Popular Word Problems >

Kiara opened a savings account and deposited 100.00 as principal. The account earns 5% interest, compounded quarterly. What is the balance after 3 years?

Solución

K ia r a 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 100.00 a s p r in c i p a l . T h e a cco u n t e a r n s 5% 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 3 ye a rs ?

Solución

Amount : 116.08

Pasos de solución

Translate the problem into an equation:

A = 100 (1 + \frac{0.05}{4})^{4 \cdot 3}

100 (1 + \frac{0.05}{4})^{4 \cdot 3} = 116.07545 \dots

Redondear al más cercano hundredth:

116.08

Amount : 116.08

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