Nicholas opened a savings account and deposited 300.00 as principal. The account earns 10% interest, compounded quarterly. What is the balance after 10 years?

Solution

Solution

Amount : 805.52

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.1}{4})^{4 \cdot 10}

300 (1 + \frac{0.1}{4})^{4 \cdot 10} = 805.51915 \dots

Round to the nearest hundredth:

805.52

Amount : 805.52

Popular Examples

five more than the quotient of a number and 6 is 9 the difference between half a number and 10 is no less than 39 If the circumference of a circle is 31pi f , what is the radius?What is the probability of getting exactly two heads when tossing a 10 peso coin three times?Chloe opened a savings account and deposited 400.00. The account earns 10% interest, compounded monthly. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?