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Natalie puts 400.00 into an account to use for school expenses. The account earns 4% interest, compounded quarterly. How much will be in the account after 8 years?Round your answer to the nearest cent.

Solution

Solution

Amount : 549.98

Solution steps

Translate the problem into an equation:

A = 400 (1 + \frac{0.04}{4})^{4 \cdot 8}

400 (1 + \frac{0.04}{4})^{4 \cdot 8} = 549.97627 \dots

Round to the nearest hundredth:

549.98

Amount : 549.98

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