Christine is saving up money to buy a car. Christine puts 10,000.00 into an account which earns 11% interest, compounded quarterly. How much will she have in the account after 9 years?

Solution

Christine is saving up money to buy a car. Christine puts 10, 000.00 into an account which earns 11% interest, compounded quarterly. How much will she have in the account after 9 years?

Solution

Amount : 26554.98

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.11}{4})^{4 \cdot 9}

10000 (1 + \frac{0.11}{4})^{4 \cdot 9} = 26554.97517 \dots

Round to the nearest hundredth:

26554.98

Amount : 26554.98

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