Colin opened a savings account and deposited 2,749.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 9 years?

Soluzione

Colin opened a savings account and deposited 2, 749.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 9 years?

Soluzione

Amount : 7299.96

Fasi della soluzione

Translate the problem into an equation:

A = 2749 (1 + \frac{0.11}{4})^{4 \cdot 9}

2749 (1 + \frac{0.11}{4})^{4 \cdot 9} = 7299.96267 \dots

Arrotondare all' hundredth più vicino:

7299.96

Amount : 7299.96

Esempi popolari

five years ago wendy was 5 times older than rod. in 8 years time wendy will be 3 times older than rod how old is wendy today A coffee maker is on sale for 45. The sales tax is 7%, how much will the buyer spend altogether?Michael is 2 years older than his:friend Jason. 16 years ago,:Jason was half of Michael's age.:How old is Jason now?Devaughn is 14 years younger than sydney. The sum of their ages is 66. What is sydney's age?7 years ago, Tim won some money in the lottery and put it in a bank account that earns 15% interest compounded quarterly. If Tim currently has 400.00 in the bank account, how much interest has he earned?