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Popular Word Problems >

If 2,000 is invested at 11% annual interest compounded quarterly, what is the account balance after 10 years, assuming no additional deposits or withdrawals are made?

Solución

I f 2, 000 i s in v es t e d a t 11% 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, w ha t i s t h e a cco u n t ba l an ce a f t er 10 ye a rs, a ss u min g n o a dd i t i o na l d e p os i t s or w i t h d r a w a l s a re ma d e ?

Solución

Amount : 5919.75

Pasos de solución

Translate the problem into an equation:

A = 2000 (1 + \frac{0.11}{4})^{4 \cdot 10}

2000 (1 + \frac{0.11}{4})^{4 \cdot 10} = 5919.74797 \dots

Redondear al más cercano hundredth:

5919.75

Amount : 5919.75

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