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Popular Word Problems >

Christine opened a savings account and deposited 300.00 as principal. The account earns 11% interest, compounded quarterly. How much interest will she earn after 8 years?

Solución

C h r i s t in e o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 300.00 a s p r in c i p a l . T h e a cco u n t e a r n s 11% 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 in t eres t w i ll s h e e a r n a f t er 8 ye a rs ?

Solución

Interest : 414.73

Pasos de solución

Translate the problem into an equation:

714.72641 \dots = 300 + I

Resolver para

I, 714.72641 \dots = 300 + I : I = 414.73

Interest : 414.73

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