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פּוֹפּוּלָרִי Word Problems >

Jenny opened a savings account and deposited 1,016.00 as principal. The account earns 8.61% interest, compounded quarterly. What is the balance after 10 years?

פתרון

J e nn y o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 1, 016.00 a s p r in c i p a l . T h e a cco u n t e a r n s 8.61% 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 ba l an ce a f t er 10 ye a rs ?

פתרון

Amount : 2381.52

צעדי פתרון

Translate the problem into an equation:

A = 1016 (1 + \frac{0.0861}{4})^{4 \cdot 10}

1016 (1 + \frac{0.0861}{4})^{4 \cdot 10} = 2381.51705 \dots

Round to the nearest hundredth:

2381.52

Amount : 2381.52

דוגמאות פופולריות

Andy has 1,000 in an account. The interest rate is 15% compounded annually.To the nearest cent, how much will he have in 2 years?The sum of 20 and twice a number is-18 The greater of two consecutive integers is 7 greater than twice the smaller. Find the integers.Which of the following does 15 of 0.03 percent equal?Isaiah invests 2,975 in a retirement account with a fixed annual interest rate of 3% compounded 12 times per year. What will the account balance be after 13 years?