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Popular Word Problems >

Sarah wins 3,000 and decides to invest it in an account that pays 9% interest compounded quarterly. how much will she have if she keeps it there for 5 years?

Solução

S a r ah w in s 3, 000 an d d ec i d es t o in v es t i t in an a cco u n t t ha t p a ys 9% in t eres t co m p o u n d e d q u a r t er l y . h o w m u c h w i ll s h e ha v e i f s h e k ee p s i t t h ere f or 5 ye a rs ?

Solução

Amount : 4681.53

Passos da solução

Translate the problem into an equation:

A = 3000 (1 + \frac{0.09}{4})^{4 \cdot 5}

3000 (1 + \frac{0.09}{4})^{4 \cdot 5} = 4681.52760 \dots

Round to the nearest hundredth:

4681.53

Amount : 4681.53

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