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Beliebt Word Problems >

Trisha is saving up money to buy a car. Trisha puts 6,599.00 into an account which earns 9.61% interest, compounded quarterly. How much will she have in the account after 2 years?

Lösung

T r i s ha i s s a v in g u p m o n ey t o b u y a c a r . T r i s ha p u t s 6, 599.00 in t o an a cco u n t w hi c h e a r n s 9.61% 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 s h e ha v e in t h e a cco u n t a f t er 2 ye a rs ?

Lösung

Amount : 7979.26

Schritte zur Lösung

Translate the problem into an equation:

A = 6599 (1 + \frac{0.0961}{4})^{4 \cdot 2}

6599 (1 + \frac{0.0961}{4})^{4 \cdot 2} = 7979.25976 \dots

Round to the nearest hundredth:

7979.26

Amount : 7979.26

Beliebte Beispiele

Find the time required for an investment of 5000 dollars to grow to 7400 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Your answer is t= years.What number is 55% of 900 The sum of three numbers is 79 . The second number is 2 times a number. The first number is 7 more than a number 5 less than the product of two and a number.Jack is twice as old as Lacy. In three years, the sum of their ages will be 54.how old will be lacy three years from now