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Popolare Word Problems >

Mr. Fernandez deposits 60,000 into an account that pays 2.5% annual interest compounded quarterly. What will be the balance after 20 years? Round to the nearest cent.

Soluzione

M r . F er nan d ez d e p os i t s 60, 000 in t o an a cco u n t t ha t p a ys 2.5% ann u a l in t eres t co m p o u n d e d q u a r t er l y . Wha t w i ll b e t h e ba l an ce a f t er 20 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Soluzione

Amount : 98769.47

Fasi della soluzione

Translate the problem into an equation:

A = 60000 (1 + \frac{0.025}{4})^{4 \cdot 20}

60000 (1 + \frac{0.025}{4})^{4 \cdot 20} = 98769.46934 \dots

Arrotondare all' hundredth più vicino:

98769.47

Amount : 98769.47

Esempi popolari

Kristian bought a jacket for 110.25. If sales tax is 8.5%, how much will he pay in total?the sum of a number x and 7.32.2 is 92% of what number 5 more than the product of a number and 2 is 11 In 5 years time Pam will be twice as old as Sam:was 2 years ago. Pam is 8 years older than Sam.:How old is Sam?