Harper opened a savings account and deposited 4,000.00 as principal. The account earns 13% interest, compounded quarterly. What is the balance after 10 years?

Solution

Harper opened a savings account and deposited 4, 000.00 as principal. The account earns 13% interest, compounded quarterly. What is the balance after 10 years?

Solution

Amount : 14376.81

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.13}{4})^{4 \cdot 10}

4000 (1 + \frac{0.13}{4})^{4 \cdot 10} = 14376.80573 \dots

Round to the nearest hundredth:

14376.81

Amount : 14376.81

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