Aubree invested 8,300 in an account paying an interest rate of 2.2% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 13 years?

Solution

Aubree invested 8, 300 in an account paying an interest rate of 2.2% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 13 years?

Solution

Amount : 11039.41

Solution steps

Translate the problem into an equation:

A = 8300 (1 + \frac{0.022}{4})^{4 \cdot 13}

8300 (1 + \frac{0.022}{4})^{4 \cdot 13} = 11039.41319 \dots

Round to the nearest hundredth:

11039.41

Amount : 11039.41

Popular Examples

Melanie invested 5,500 in an account paying an interest rate of 6.9% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 11 years?Kennedy invested 5,000 in an account paying an interest rate of 6.4% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 15 years?What is the result when the number 10 is decreased by 20%?Edgar has 30 in an account that earns 5% interest compounded annually.To the nearest cent, how much interest will he earn in 2 years?Noah is going to invest in an account paying an interest rate of 7% compounded continuously. How much would Noah need to invest, to the nearest hundred dollars, for the value of the account to reach 12,900 in 10 years?