Melissa deposited 4000 into an account with 2.6% interest, compounded quarterly. Assuming that no withdrawals are made, how much will she have in the account after 9 years?

Solution

Solution

Amount : 5050.75

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.026}{4})^{4 \cdot 9}

4000 (1 + \frac{0.026}{4})^{4 \cdot 9} = 5050.75198 \dots

Round to the nearest hundredth:

5050.75

Amount : 5050.75

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