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You deposit all of your graduation money, 2,560 , into an account earning 3.5% interest, compounded annually. You want to let it sit, no deposits or withdraws, while you are in college for 4 years. How much will you have at the end of 4 years?

Solution

You deposit all of your graduation money, 2, 560 , into an account earning 3.5% interest, compounded annually. You want to let it sit, no deposits or withdraws, while you are in college for 4 years. How much will you have at the end of 4 years?

Solution

Amount : 2937.66

Solution steps

Translate the problem into an equation:

A = 2560 (1 + \frac{0.035}{1})^{1 \cdot 4}

2560 (1 + \frac{0.035}{1})^{1 \cdot 4} = 2937.65888 \dots

Round to the nearest hundredth:

2937.66

Amount : 2937.66

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