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Popolare Word Problems >

If 800 is invested at an interest rate of 3.75% per year, compounded quarterly, find the value of the investment after 8 years

Soluzione

I f 800 i s in v es t e d a t an in t eres t r a t e o f 3.75% p er ye a r, co m p o u n d e d q u a r t er l y, f in d t h e v a l u e o f t h e in v es t m e n t a f t er 8 ye a rs

Soluzione

Amount : 1078.38

Fasi della soluzione

Translate the problem into an equation:

A = 800 (1 + \frac{0.0375}{4})^{4 \cdot 8}

800 (1 + \frac{0.0375}{4})^{4 \cdot 8} = 1078.37893 \dots

Arrotondare all' hundredth più vicino:

1078.38

Amount : 1078.38

Esempi popolari

The radius of a circle is 5 inches. What is the circonferenza?Identify the two consecutive integers in which each square root lies between. sqrt(6)a number x divided by nine 2 is 15% of what number three times a number increased by 4 is at least 16