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Populaire Word Problems >

Kathleen puts 300.00 into an account to use for school expenses. The account earns 10% interest, compounded quarterly. How much will be in the account after 10 years?

Solution

K a t h l ee n p u t s 300.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 10% 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 b e in t h e a cco u n t a f t er 10 ye a rs ?

Solution

Amount : 805.52

étapes des solutions

Translate the problem into an equation:

A = 300 (1 + \frac{0.1}{4})^{4 \cdot 10}

300 (1 + \frac{0.1}{4})^{4 \cdot 10} = 805.51915 \dots

Arrondir à hundredth la plus proche:

805.52

Amount : 805.52

Exemples populaires

Eight more than the product of a number and 4 is 2 how long will it take R1000 at 10% p.a compounded weekly to double itself twice the différence between a number x and 10.When a number is doubled and then decreased by 9 the result is 19. Find the number Joann invested 43,700 at 12% to be compounded monthly. What will be the value of Joann's investment in 4 years? Round your answer to the nearest cent, if necessary.