en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Sofia is investing 8,000 in an account paying 5.5% interest compounded quarterly.What will Sofia's account balance be in 7 years?

Solution

Sofia is investing 8, 000 in an account paying 5.5% interest compounded quarterly.What will Sofia's account balance be in 7 years?

Solution

Amount : 11726.12

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.055}{4})^{4 \cdot 7}

8000 (1 + \frac{0.055}{4})^{4 \cdot 7} = 11726.11824 \dots

Round to the nearest hundredth:

11726.12

Amount : 11726.12

Popular Examples

Two numbers have a sum of 19 and a difference of 9. Write a system and solve it to identify the two numbers.number in creased by nine is fifteen Estimate 3239-1928 by first rounding each number to the nearest hundred.use interval notation to indicate all the real numbers on the number line that are less than or equal to 22 Between which two consecutive whole numbers is sqrt(89) ?