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Populaire Word Problems >

Justine puts 9,902.00 into an account to use for school expenses. The account earns 9% interest, compounded quarterly. How much will be in the account after 7 years?

Solution

J u s t in e p u t s 9, 902.00 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 9% 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 7 ye a rs ?

Solution

Amount : 18462.72

étapes des solutions

Translate the problem into an equation:

A = 9902 (1 + \frac{0.09}{4})^{4 \cdot 7}

9902 (1 + \frac{0.09}{4})^{4 \cdot 7} = 18462.72449 \dots

Arrondir à hundredth la plus proche:

18462.72

Amount : 18462.72

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