Hudson invested 8,400 in an account paying an interest rate of 5.4% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 13 years?

Solución

Hudson invested 8, 400 in an account paying an interest rate of 5.4% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 13 years?

Solución

Amount : 16869.98

Pasos de solución

Translate the problem into an equation:

A = 8400 (1 + \frac{0.054}{4})^{4 \cdot 13}

8400 (1 + \frac{0.054}{4})^{4 \cdot 13} = 16869.97517 \dots

Round to the nearest hundredth:

16869.98

Amount : 16869.98

Ejemplos populares

Cooper invested 1,100 in an account paying an interest rate of 3.8% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 10 years?The radio of a circle is 13 cm. Find its area in terms of pipi.David invested 68,000 in an account paying an interest rate of 5.5% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 93,000?Sam has 50 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?4400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 22 years, to the nearest cent?