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Popolare Word Problems >

Dana opened a savings account and deposited 800.00 as principal. The account earns 7% interest, compounded quarterly. What is the balance after 4 years?

Soluzione

D ana 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 800.00 a s p r in c i p a l . T h e a cco u n t e a r n s 7% 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 4 ye a rs ?

Soluzione

Amount : 1055.94

Fasi della soluzione

Translate the problem into an equation:

A = 800 (1 + \frac{0.07}{4})^{4 \cdot 4}

800 (1 + \frac{0.07}{4})^{4 \cdot 4} = 1055.94348 \dots

Arrotondare all' hundredth più vicino:

1055.94

Amount : 1055.94

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