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If you deposit 4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years?

Solution

If you deposit 4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years?

Solution

Amount : 5387.42

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.06}{4})^{4 \cdot 5}

4000 (1 + \frac{0.06}{4})^{4 \cdot 5} = 5387.42002 \dots

Round to the nearest hundredth:

5387.42

Amount : 5387.42

Popular Examples

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