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Popular Word Problems >

Manuel opened a savings account and deposited 100.00 as principal. The account earns 7% interest, compounded quarterly. How much interest will he earn after 2 years?

Solución

M an u e l 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 7% 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 in t eres t w i ll h e e a r n a f t er 2 ye a rs ?

Solución

Interest : 14.89

Pasos de solución

Translate the problem into an equation:

114.88817 \dots = 100 + I

Resolver para

I, 114.88817 \dots = 100 + I : I = 14.89

Interest : 14.89

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