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Beliebt Word Problems >

Grayson puts 4,593.00 into an account to use for school expenses. The account earns 10% interest, compounded quarterly. How much will be in the account after 9 years?

Lösung

G r a yso n p u t s 4, 593.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 10% in t eres t, co m p o u n d e d q u a r t er l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 9 ye a rs ?

Lösung

Amount : 11172.63

Schritte zur Lösung

Translate the problem into an equation:

A = 4593 (1 + \frac{0.1}{4})^{4 \cdot 9}

4593 (1 + \frac{0.1}{4})^{4 \cdot 9} = 11172.63470 \dots

Round to the nearest hundredth:

11172.63

Amount : 11172.63

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