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Popular Word Problems >

300.00. The account earns 6% interest, compounded quarterly. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?

Solución

300.00. T h e a cco u n t e a r n s 6% in t eres t, co m p o u n d e d q u a r t er l y . I f s h e w an t s t o u se t h e m o n ey t o b u y a n e w bi cyc l e in 3 ye a rs, h o w m u c h w i ll s h e b e ab l e t o s p e n d o n t h e bik e ?

Solución

Amount : 358.69

Pasos de solución

Translate the problem into an equation:

A = 300 (1 + \frac{0.06}{4})^{4 \cdot 3}

300 (1 + \frac{0.06}{4})^{4 \cdot 3} = 358.68545 \dots

Redondear al más cercano hundredth:

358.69

Amount : 358.69

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