Use the given information to find the amount A in the account earning compound interest after 6 years when the principal is 3500. Round your answer to the nearest cent.r=2.16% , compounded quarterly

Solution

Solution

Interest : 424.36

Solution steps

Translate the problem into an equation:

3500 = \frac{3500 \cdot 4 ^{24}}{4.021 6 ^{24}} + I

Solve for

I, 3500 = \frac{3500 \cdot 4 ^{24}}{4.021 6 ^{24}} + I : I = 424.36

Interest : 424.36

Popular Examples

The distance Elizabeth travels on her bicycle caries directly the amount of time she rides. Elizabeth can travel 15 miles in 2.5 hours on her bicycle. How far would Elizabeth travel of she rides her bicycle for 4 hours?of a circle with a radius of 0.5m :was the area of the sand mandala? Use 3.14 for pi 7th\ number = 29 simplify find 2 consecutive whole numbers that sqrt(120) lies between On a deck of 52 cards, cards are drawn at random and in succession. Once the first drawn, it is replaced. What is the probability of getting king and queen? Show your Solution.