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Popular Word Problems >

Greta opened a savings account and deposited 5,996.00 as principal. The account earns 14.38% interest, compounded quarterly. What is the balance after 5 years?

Solução

G re t a o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 5, 996.00 a s p r in c i p a l . T h e a cco u n t e a r n s 14.38% in t eres t, co m p o u n d e d q u a r t er l y . Wha t i s t h e ba l an ce a f t er 5 ye a rs ?

Solução

Amount : 12151.71

Passos da solução

Translate the problem into an equation:

A = 5996 (1 + \frac{0.1438}{4})^{4 \cdot 5}

5996 (1 + \frac{0.1438}{4})^{4 \cdot 5} = 12151.71342 \dots

Round to the nearest hundredth:

12151.71

Amount : 12151.71

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