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Popular Word Problems >

Rosanne is saving up money to buy a car. Rosanne puts 7,175.00 into an account which earns 7% interest, compounded quarterly. How much will she have in the account after 10 years?

Solução

R os ann e i s s a v in g u p m o n ey t o b u y a c a r . R os ann e p u t s 7, 175.00 in t o an a cco u n t w hi c h 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 . Ho w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 10 ye a rs ?

Solução

Amount : 14361.46

Passos da solução

Translate the problem into an equation:

A = 7175 (1 + \frac{0.07}{4})^{4 \cdot 10}

7175 (1 + \frac{0.07}{4})^{4 \cdot 10} = 14361.46093 \dots

Round to the nearest hundredth:

14361.46

Amount : 14361.46

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