Beliebt >

Hector is saving up money to buy a car. Hector puts 6,187.00 into an account which earns 5% interest, compounded quarterly. How much will he have in the account after 2 years?

Lösung

Hector is saving up money to buy a car. Hector puts 6, 187.00 into an account which earns 5% interest, compounded quarterly. How much will he have in the account after 2 years?

Lösung

Amount : 6833.46

Schritte zur Lösung

Translate the problem into an equation:

A = 6187 (1 + \frac{0.05}{4})^{4 \cdot 2}

6187 (1 + \frac{0.05}{4})^{4 \cdot 2} = 6833.45550 \dots

Round to the nearest hundredth:

6833.46

Amount : 6833.46

Beliebte Beispiele

the quotient of two more than a number and five is eight If you mark up by 60% the price of a box of candy that costs 7.50 from the supplier, what is the selling price?Chris placed 7,400 in a savings account which compounds interest annually at a rate of 5.7% . How much will he have in the account after 4 years?Barry opened a savings account and deposited 6,014.00 as principal. The account earns 12% interest, compounded monthly. What is the balance after 5 years?The square of a number is 256 . Find the number. Answer