Deb opened a savings account and deposited 600.00 as principal. The account earns 2% interest, compounded quarterly. What is the balance after 7 years?

Solution

Solution

Amount : 689.92

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.02}{4})^{4 \cdot 7}

600 (1 + \frac{0.02}{4})^{4 \cdot 7} = 689.92356 \dots

Round to the nearest hundredth:

689.92

Amount : 689.92

Popular Examples

three times a number is increased by four is less than-62 what is the exact circumference of a circle with diameter of 8mm answer in terms of pi 4000 invested in bank with 6.5 percent interest compounded annually. How much is in the account after 6years the sum of three consecutive odd numbers is greater than 111. Find the smallest possible product of these three numbers the forth number of(x+2/x)^6