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Popolare Word Problems >

An investment broker deposits 1000 into an account that earns 12% annual interest compounded quarterly. What is the value of the investment after 2 years?

Soluzione

A n in v es t m e n t b ro k er d e p os i t s 1000 in t o an a cco u n t t ha t e a r n s 12% 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 . Wha t i s t h e v a l u e o f t h e in v es t m e n t a f t er 2 ye a rs ?

Soluzione

Amount : 1266.77

Fasi della soluzione

Translate the problem into an equation:

A = 1000 (1 + \frac{0.12}{4})^{4 \cdot 2}

1000 (1 + \frac{0.12}{4})^{4 \cdot 2} = 1266.77008 \dots

Arrotondare all' hundredth più vicino:

1266.77

Amount : 1266.77

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