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Populaire Word Problems >

In 3 years, Tisha wants to buy a bicycle that costs 1, 000.00. If she opens a savings account that earns 15% interest compounded quarterly, how much will she have to deposit as principal to have enough money in 3 years to buy the bike?

Solution

I n 3 ye a rs, T i s ha w an t s t o b u y a bi cyc l e t ha t cos t s 1, 000.00. I f s h e o p e n s a s a v in g s a cco u n t t ha t e a r n s 15% in t eres t co m p o u n d e d q u a r t er l y, h o w m u c h w i ll s h e ha v e t o d e p os i t a s p r in c i p a l t o ha v e e n o ug h m o n ey in 3 ye a rs t o b u y t h e bik e ?

Solution

Principal : 642.9

étapes des solutions

Translate the problem into an equation:

1000 = P (1 + \frac{0.15}{4})^{4 \cdot 3}

Solutionner pour

P, 1000 = P (1 + \frac{0.15}{4})^{4 \cdot 3} : P = 642.9

Principal : 642.9

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