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Popular Word Problems >

If you deposit 4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years?

Solución

I f yo u d e p os i t 4000 in t o an a cco u n t p a y in g 6% ann u a l 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 m o n ey w i ll b e in t h e a cco u n t a f t er 5 ye a rs ?

Solución

Amount : 5387.42

Pasos de solución

Translate the problem into an equation:

A = 4000 (1 + \frac{0.06}{4})^{4 \cdot 5}

4000 (1 + \frac{0.06}{4})^{4 \cdot 5} = 5387.42002 \dots

Redondear al más cercano hundredth:

5387.42

Amount : 5387.42

Ejemplos populares

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