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Anya invests 25 000 in an account earning compound interest of 10% per annum compounding quarterly.a Find the amount in the account after 3 years

Solution

Anya invests 25 000 in an account earning compound interest of 10% per annum compounding quarterly.a Find the amount in the account after 3 years

Solution

Amount : 33622.22

Solution steps

Translate the problem into an equation:

A = 25000 (1 + \frac{0.1}{4})^{4 \cdot 3}

25000 (1 + \frac{0.1}{4})^{4 \cdot 3} = 33622.22060 \dots

Round to the nearest hundredth:

33622.22

Amount : 33622.22

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