Kenneth is saving up money to buy a car. Kenneth puts 9,427.00 into an account which earns 14.99% interest, compounded quarterly. How much will he have in the account after 9 years?

Solution

Kenneth is saving up money to buy a car. Kenneth puts 9, 427.00 into an account which earns 14.99% interest, compounded quarterly. How much will he have in the account after 9 years?

Solution

Amount : 35446.11

Solution steps

Translate the problem into an equation:

A = 9427 (1 + \frac{0.1499}{4})^{4 \cdot 9}

9427 (1 + \frac{0.1499}{4})^{4 \cdot 9} = 35446.10821 \dots

Round to the nearest hundredth:

35446.11

Amount : 35446.11

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