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Populaire Word Problems >

Percy is saving up money to buy a car. Percy puts 6,000.00 into an account which earns 2% interest, compounded quarterly. How much will he have in the account after 2 years?

Solution

P ercy i s s a v in g u p m o n ey t o b u y a c a r . P ercy p u t s 6, 000.00 in t o an a cco u n t w hi c h e a r n s 2% 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 w i ll h e ha v e in t h e a cco u n t a f t er 2 ye a rs ?

Solution

Amount : 6244.24

étapes des solutions

Translate the problem into an equation:

A = 6000 (1 + \frac{0.02}{4})^{4 \cdot 2}

6000 (1 + \frac{0.02}{4})^{4 \cdot 2} = 6244.24226 \dots

Arrondir à hundredth la plus proche:

6244.24

Amount : 6244.24

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