Josiah and Rosanne deposit 4,000.00 into a savings account which earns 5% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Josiah and Rosanne deposit 4, 000.00 into a savings account which earns 5% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Amount : 4643.02

Pasos de solución

Translate the problem into an equation:

A = 4000 (1 + \frac{0.05}{4})^{4 \cdot 3}

4000 (1 + \frac{0.05}{4})^{4 \cdot 3} = 4643.01807 \dots

Round to the nearest hundredth:

4643.02

Amount : 4643.02

Ejemplos populares

the store sold 25% of its books over the holidays and now has 600 books in stock. how may books did the store have before the holidays The difference between 2 numbers is 9. the first number plus twice the other number is 27. find the 2 numbers The sum of 5 consecutive odd numbers is 135.Question:-Convert (35) to to binary number system.Tyler opened a savings account and deposited 3,000.00. The account earns 4% interest, compounded monthly. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?