Beliebt >

Austin invested 60,000 in an account paying an interest rate of 4.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 11 years?

Lösung

Austin invested 60, 000 in an account paying an interest rate of 4.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 11 years?

Lösung

Amount : 100316.56

Schritte zur Lösung

Translate the problem into an equation:

A = 60000 (1 + \frac{0.047}{4})^{4 \cdot 11}

60000 (1 + \frac{0.047}{4})^{4 \cdot 11} = 100316.55862 \dots

Round to the nearest hundredth:

100316.56

Amount : 100316.56

Beliebte Beispiele

Emily is 2 years older than her sister Shelly. Eight years ago she was twice as old as Shelly. What are their present ages?The sum of two numbers is 5 and their differenz is 9. What are the two numbers?We went to lunch and spent 18.75. We wanted to tip our waitress 18%. What is our total bill going to cost?Abdoulaye is going to invest in an account paying an interest rate of 5.1% compounded quarterly. How much would Abdoulaye need to invest, to the nearest cent, for the value of the account to reach 138,000 in 14 years?Find the two consecutive integers whose sum is 223