Example Solving Compound Interest Word Problems : Find Compound Amount given Interest rate, Time Period and Compounding.
See Other Compound Interest Word Problem Examples solved by the Algebra Word Problem Solver.| Find the compound amount for $9100 at 8% compounded quarterly for 4 years. |
|
Let A = Final Amount Let P = Principle Let r = Rate Let t = Time Let n = Interest periods per year Given: P = $9100 Given: r = 8% Given: n = 4 Given: T = 4 YEARS nt
A = P(1+r/n)
4*4
A = 9100(1+0.08/4)
16
A = 9,100(1+0.02)
A = 9100 * 1.37279A = $12,492.35 A = $12,492.35 |