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Popular Word Problems >

John places 5,000 into a mutual fund that is paying 8% annual interest. The interest is being compounded quarterly. How much money will be in the account in 5 years?

Solución

J o hn pl a ces 5, 000 in t o a m u t u a l f u n d t ha t i s p a y in g 8% ann u a l in t eres t . T h e in t eres t i s b e in g co m p o u n d e d q u a r t er l y . Ho w m u c h m o n ey w i ll b e in t h e a cco u n t in 5 ye a rs ?

Solución

Amount : 7429.74

Pasos de solución

Translate the problem into an equation:

A = 5000 (1 + \frac{0.08}{4})^{4 \cdot 5}

5000 (1 + \frac{0.08}{4})^{4 \cdot 5} = 7429.73697 \dots

Redondear al más cercano hundredth:

7429.74

Amount : 7429.74

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