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Popular Word Problems >

Martha invests 7700 in a new savings account which earns 5.2% annual interest, compounded quarterly. What will be the value of her investment after 4 years? Round to the nearest cent.

Solução

M a r t ha in v es t s 7700 in a n e w s a v in g s a cco u n t w hi c h e a r n s 5.2% ann u a l in t eres t, co m p o u n d e d q u a r t er l y . Wha t w i ll b e t h e v a l u e o f h er in v es t m e n t a f t er 4 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solução

Amount : 9467.64

Passos da solução

Translate the problem into an equation:

A = 7700 (1 + \frac{0.052}{4})^{4 \cdot 4}

7700 (1 + \frac{0.052}{4})^{4 \cdot 4} = 9467.64250 \dots

Round to the nearest hundredth:

9467.64

Amount : 9467.64

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