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Gina puts 3,000.00 into an account to use for school expenses. The account earns 10% interest, compounded quarterly. How much will be in the account after 9 years?

Solution

Gina puts 3, 000.00 into an account to use for school expenses. The account earns 10% interest, compounded quarterly. How much will be in the account after 9 years?

Solution

Amount : 7297.61

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.1}{4})^{4 \cdot 9}

3000 (1 + \frac{0.1}{4})^{4 \cdot 9} = 7297.60594 \dots

Round to the nearest hundredth:

7297.61

Amount : 7297.61

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