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Beliebt Word Problems >

You deposit 2500 in a savings account. Find the balance after 4 years if the account earns 2% interest compounded quarterly.

Lösung

Y o u d e p os i t 2500 in a s a v in g s a cco u n t . F in d t h e ba l an ce a f t er 4 ye a rs i f t h e a cco u n t 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 .

Lösung

Amount : 2707.68

Schritte zur Lösung

Translate the problem into an equation:

A = 2500 (1 + \frac{0.02}{4})^{4 \cdot 4}

2500 (1 + \frac{0.02}{4})^{4 \cdot 4} = 2707.67787 \dots

Round to the nearest hundredth:

2707.68

Amount : 2707.68

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