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Popolare Word Problems >

Deb opened a savings account and deposited 600.00 as principal. The account earns 2% interest, compounded quarterly. What is the balance after 7 years?

Soluzione

De b 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 600.00 a s p r in c i p a l . 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 . Wha t i s t h e ba l an ce a f t er 7 ye a rs ?

Soluzione

Amount : 689.92

Fasi della soluzione

Translate the problem into an equation:

A = 600 (1 + \frac{0.02}{4})^{4 \cdot 7}

600 (1 + \frac{0.02}{4})^{4 \cdot 7} = 689.92356 \dots

Arrotondare all' hundredth più vicino:

689.92

Amount : 689.92

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