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Popular Word Problems >

You invest 5,000 in a savings account paying 4% interest compounded quarterly. How much is in the account after 5 years

Solução

Y o u in v es t 5, 000 in a s a v in g s a cco u n t p a y in g 4% 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 i s in t h e a cco u n t a f t er 5 ye a rs

Solução

Amount : 6100.95

Passos da solução

Translate the problem into an equation:

A = 5000 (1 + \frac{0.04}{4})^{4 \cdot 5}

5000 (1 + \frac{0.04}{4})^{4 \cdot 5} = 6100.95019 \dots

Round to the nearest hundredth:

6100.95

Amount : 6100.95

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