Chloe puts 6,000.00 into an account to use for school expenses. The account earns 14% interest, compounded quarterly. How much will be in the account after 6 years?

Solution

Chloe puts 6, 000.00 into an account to use for school expenses. The account earns 14% interest, compounded quarterly. How much will be in the account after 6 years?

Solution

Amount : 13699.97

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.14}{4})^{4 \cdot 6}

6000 (1 + \frac{0.14}{4})^{4 \cdot 6} = 13699.97092 \dots

Round to the nearest hundredth:

13699.97

Amount : 13699.97

Popular Examples

a number added to itself gives 72 The sum of two consecutive integers is 49. Find the two integers An amount of 17,000 is borrowed for 14 years at 7.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?72/8 a ration number?the sum of two numbers is zero. when 15 times the small number is added to 10 times the larger the result is 3 find the two numbers