Mackenzie opened a savings account and deposited 1,074.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 7 years?

解

Mackenzie opened a savings account and deposited 1, 074.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 7 years?

解

Amount : 2295.6

解答ステップ

Translate the problem into an equation:

A = 1074 (1 + \frac{0.11}{4})^{4 \cdot 7}

1074 (1 + \frac{0.11}{4})^{4 \cdot 7} = 2295.59640 \dots

最も近い

h u n d re d t h

に四捨五入:

2295.6

Amount : 2295.6

Mackenzie opened a savings account and deposited 1,074.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 7 years?

解

解

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