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Popular Word Problems >

Maria puts 6,000.00 into an account to use for school expenses. The account earns 2% interest, compounded quarterly. How much will be in the account after 5 years

Solución

M a r ia p u t s 6, 000.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 2% 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 b e in t h e a cco u n t a f t er 5 ye a rs

Solución

Amount : 6629.37

Pasos de solución

Translate the problem into an equation:

A = 6000 (1 + \frac{0.02}{4})^{4 \cdot 5}

6000 (1 + \frac{0.02}{4})^{4 \cdot 5} = 6629.37346 \dots

Redondear al más cercano hundredth:

6629.37

Amount : 6629.37

Ejemplos populares

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