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Populaire Word Problems >

Keenan opened a savings account and deposited 1,000.00 as principal. The account earns 13% interest, compounded quarterly. What is the balance after 4 years?

Solution

Kee nan 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 1, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 13% 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 4 ye a rs ?

Solution

Amount : 1668.17

étapes des solutions

Translate the problem into an equation:

A = 1000 (1 + \frac{0.13}{4})^{4 \cdot 4}

1000 (1 + \frac{0.13}{4})^{4 \cdot 4} = 1668.17252 \dots

Arrondir à hundredth la plus proche:

1668.17

Amount : 1668.17

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