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Beliebt Word Problems >

Aubrey invested 7,100 in an account paying an interest rate of 5.6% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 19 years?

Lösung

A u b rey in v es t e d 7, 100 in an a cco u n t p a y in g an in t eres t r a t e o f 5.6% 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 19 ye a rs ?

Lösung

Amount : 20424.1

Schritte zur Lösung

Translate the problem into an equation:

A = 7100 (1 + \frac{0.056}{4})^{4 \cdot 19}

7100 (1 + \frac{0.056}{4})^{4 \cdot 19} = 20424.10001 \dots

Round to the nearest hundredth:

20424.1

Amount : 20424.1

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