Tori puts 3,000.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Tori puts 3, 000.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Amount : 7725.25

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.12}{4})^{4 \cdot 8}

3000 (1 + \frac{0.12}{4})^{4 \cdot 8} = 7725.24826 \dots

Round to the nearest hundredth:

7725.25

Amount : 7725.25

Popular Examples

bill is 6 years older than tom. three years ago bills age was four times toms age. find the age of each boy now.Moneysaver's Bank offers a savings account that earns 5.5% interest per year, compounded continuously. If Isabel deposits \$1700, how much will she have in the account after five years, assuming she makes no withdrawals?a number squared increased by 20 The circumference of a circle is 3pi kilometers. What is the area?Alvin is 6 years younger than Elga. The sum of their ages is 38 . What is Elga's age? years old