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Nicole is saving up money to buy a car. Nicole puts 6,189.00 into an account which earns 13.21% interest, compounded quarterly. How much will she have in the account after 7 years?

Solution

Nicole is saving up money to buy a car. Nicole puts 6, 189.00 into an account which earns 13.21% interest, compounded quarterly. How much will she have in the account after 7 years?

Solution

Amount : 15371.77

Solution steps

Translate the problem into an equation:

A = 6189 (1 + \frac{0.1321}{4})^{4 \cdot 7}

6189 (1 + \frac{0.1321}{4})^{4 \cdot 7} = 15371.76640 \dots

Round to the nearest hundredth:

15371.77

Amount : 15371.77

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