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Popular Word Problems >

Nicole is saving up money to buy a car. Nicole puts 6,189.00 into an account which earns 13.21% interest, compounded quarterly. How much will she have in the account after 7 years?

Solución

N i co l e i s s a v in g u p m o n ey t o b u y a c a r . N i co l e p u t s 6, 189.00 in t o an a cco u n t w hi c h e a r n s 13.21% 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 w i ll s h e ha v e in t h e a cco u n t a f t er 7 ye a rs ?

Solución

Amount : 15371.77

Pasos de solución

Translate the problem into an equation:

A = 6189 (1 + \frac{0.1321}{4})^{4 \cdot 7}

6189 (1 + \frac{0.1321}{4})^{4 \cdot 7} = 15371.76640 \dots

Redondear al más cercano hundredth:

15371.77

Amount : 15371.77

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