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Populaire Word Problems >

Mona opened a savings account and deposited 2,045.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 5 years?

Solution

M o na o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 2, 045.00 a s p r in c i p a l . T h e a cco u n t e a r n s 9% in t eres t, co m p o u n d e d q u a r t er l y . Wha t i s t h e ba l an ce a f t er 5 ye a rs ?

Solution

Amount : 3191.24

étapes des solutions

Translate the problem into an equation:

A = 2045 (1 + \frac{0.09}{4})^{4 \cdot 5}

2045 (1 + \frac{0.09}{4})^{4 \cdot 5} = 3191.24131 \dots

Arrondir à hundredth la plus proche:

3191.24

Amount : 3191.24

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