Patrick opened a savings account and deposited 500.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 7 years?

الحلّ

الحلّ

Amount : 932.27

خطوات الحلّ

Translate the problem into an equation:

A = 500 (1 + \frac{0.09}{4})^{4 \cdot 7}

500 (1 + \frac{0.09}{4})^{4 \cdot 7} = 932.27249 \dots

Round to the nearest hundredth:

932.27

Amount : 932.27

أمثلة شائعة

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