Madelyn opened a savings account and deposited 2,000.00 as principal. The account earns 3% interest, compounded quarterly. What is the balance after 5 years?

الحلّ

Madelyn opened a savings account and deposited 2, 000.00 as principal. The account earns 3% interest, compounded quarterly. What is the balance after 5 years?

الحلّ

Amount : 2322.37

خطوات الحلّ

Translate the problem into an equation:

A = 2000 (1 + \frac{0.03}{4})^{4 \cdot 5}

2000 (1 + \frac{0.03}{4})^{4 \cdot 5} = 2322.36828 \dots

Round to the nearest hundredth:

2322.37

Amount : 2322.37

أمثلة شائعة

the sum of two consecutive odd integers is-120 Diane is saving up money to buy a car. Diane puts 9,308.00 into an account which earns 12% interest, compounded quarterly. How much will she have in the account after 4 years?twice a number is16 more than 42 . What is the number?Subtract twenty-four from a number.State the consecutive whole numbers that the root lies between sqrt(10)