Suppose that when your friend was born, your friend's parents deposited 2000 in an account paying 5.7% interest compounded quarterly. What will the account balance be after 17 years?

Solution

Solution

Amount : 5234.69

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.057}{4})^{4 \cdot 17}

2000 (1 + \frac{0.057}{4})^{4 \cdot 17} = 5234.69170 \dots

Round to the nearest hundredth:

5234.69

Amount : 5234.69

Popular Examples

The product of two consecutive negative odd integers is 15. Find the value of the greater integer.a number that when decreased by 30% is 12 7 less than the product of 2 and number when 19 is subtracted from a number, the result is 32 Find two consecutive integers that \sqrt[3]{109} lies between.

Suppose that when your friend was​ born, your​ friend's parents deposited ​2000 in an account paying 5.7​% interest compounded quarterly. What will the account balance be after 17 ​years?

Solution

Solution

Popular Examples

Suppose that when your friend was born, your friend's parents deposited 2000 in an account paying 5.7% interest compounded quarterly. What will the account balance be after 17 years?