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Popular Word Problems >

Bryan opened a savings account and deposited 4,639.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 3 years?

Solução

B ry an 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 4, 639.00 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 3 ye a rs ?

Solução

Amount : 6058.77

Passos da solução

Translate the problem into an equation:

A = 4639 (1 + \frac{0.09}{4})^{4 \cdot 3}

4639 (1 + \frac{0.09}{4})^{4 \cdot 3} = 6058.76590 \dots

Round to the nearest hundredth:

6058.77

Amount : 6058.77

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