Popular >

Maria puts 6,000.00 into an account to use for school expenses. The account earns 2% interest, compounded quarterly. How much will be in the account after 5 years

Solution

Maria puts 6, 000.00 into an account to use for school expenses. The account earns 2% interest, compounded quarterly. How much will be in the account after 5 years

Solution

Amount : 6629.37

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.02}{4})^{4 \cdot 5}

6000 (1 + \frac{0.02}{4})^{4 \cdot 5} = 6629.37346 \dots

Round to the nearest hundredth:

6629.37

Amount : 6629.37

Popular Examples

You deposit 24 in an account earning 5% interest compounded monthly. How much will you have in the account in 155 years?6 minus 3 times a number is less than 30 What principle will amount to 1500 if invested at 8% compounded quarterly for 18 years?The Principle was Maureen opened a savings account and deposited 600.00 as principal. The account earns 9% interest, compounded monthly. What is the balance after 5 years?twice a number is eleven