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Beliebt Word Problems >

Hudson invested 8,400 in an account paying an interest rate of 5.4% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 13 years?

Lösung

H u d so n in v es t e d 8, 400 in an a cco u n t p a y in g an in t eres t r a t e o f 5.4% co m p o u n d e d q u a r t er l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t t e n d o ll a rs, w o u l d b e in t h e a cco u n t a f t er 13 ye a rs ?

Lösung

Amount : 16869.98

Schritte zur Lösung

Translate the problem into an equation:

A = 8400 (1 + \frac{0.054}{4})^{4 \cdot 13}

8400 (1 + \frac{0.054}{4})^{4 \cdot 13} = 16869.97517 \dots

Round to the nearest hundredth:

16869.98

Amount : 16869.98

Beliebte Beispiele

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