James invested 3000 at 17% to be compounded quarterly. What will be the value of James's investment in 5 years? Round your answer to the nearest cent.

Solution

Solution

Amount : 6896.72

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.17}{4})^{4 \cdot 5}

3000 (1 + \frac{0.17}{4})^{4 \cdot 5} = 6896.71893 \dots

Round to the nearest hundredth:

6896.72

Amount : 6896.72

Popular Examples

Kira went for a drive in her new car. She drove for 250 miles at a speed of 57 mph. For how many hours did she drive?product of a number and-7 reduced by 3 equals 33 Kate has 90, 000 in a savings account that earns 9% interest per year.The interest is not compounded.How much interest will she earn in 3 years?Tommy is 3 years older than Fred. 4 years ago, Tommy was 4 times as old as Fred. Calculate Fred's present age.You know the perimeter of a square to be 16 meters. Find the length of one side.