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Populaire Word Problems >

300.00. The account earns 6% interest, compounded quarterly. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?

Solution

300.00. T h e a cco u n t e a r n s 6% in t eres t, co m p o u n d e d q u a r t er l y . I f s h e w an t s t o u se t h e m o n ey t o b u y a n e w bi cyc l e in 3 ye a rs, h o w m u c h w i ll s h e b e ab l e t o s p e n d o n t h e bik e ?

Solution

Amount : 358.69

étapes des solutions

Translate the problem into an equation:

A = 300 (1 + \frac{0.06}{4})^{4 \cdot 3}

300 (1 + \frac{0.06}{4})^{4 \cdot 3} = 358.68545 \dots

Arrondir à hundredth la plus proche:

358.69

Amount : 358.69

Exemples populaires

A positive integer is twice another. The sum of the reciprocals of the two positive integers is 3/22 . Find the two integers.The population of a city increases by 1.6% per year. If this year's population is 237,000, what will next year's population be, to the nearest individual?A rectangle has a width of 7 and a length of 18. find its aire Three consecutive integers have a sum of 63.seven more than the quotient of 2 and a number