Lena is saving up money to buy a car. Lena puts 8,000.00 into an account which earns 9% interest, compounded quarterly. How much will she have in the account after 10 years?

Solution

Lena is saving up money to buy a car. Lena puts 8, 000.00 into an account which earns 9% interest, compounded quarterly. How much will she have in the account after 10 years?

Solution

Amount : 19481.51

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.09}{4})^{4 \cdot 10}

8000 (1 + \frac{0.09}{4})^{4 \cdot 10} = 19481.51172 \dots

Round to the nearest hundredth:

19481.51

Amount : 19481.51

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