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Mia is saving up money to buy a car. Mia puts 6,000.00 into an account which earns 6% interest, compounded quarterly. How much will she have in the account after 8 years?

Solution

Mia is saving up money to buy a car. Mia puts 6, 000.00 into an account which earns 6% interest, compounded quarterly. How much will she have in the account after 8 years?

Solution

Amount : 9661.95

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.06}{4})^{4 \cdot 8}

6000 (1 + \frac{0.06}{4})^{4 \cdot 8} = 9661.94592 \dots

Round to the nearest hundredth:

9661.95

Amount : 9661.95

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