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Brendan and Chloe deposit 8,000.00 into a savings account which earns 11% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solution

Brendan and Chloe deposit 8, 000.00 into a savings account which earns 11% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solution

Amount : 9939.04

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.11}{4})^{4 \cdot 2}

8000 (1 + \frac{0.11}{4})^{4 \cdot 2} = 9939.04441 \dots

Round to the nearest hundredth:

9939.04

Amount : 9939.04

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