Bryan puts 600.00 into an account to use for school expenses. The account earns 3% interest, compounded quarterly. How much will be in the account after 7 years?

Solution

Solution

Amount : 739.63

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.03}{4})^{4 \cdot 7}

600 (1 + \frac{0.03}{4})^{4 \cdot 7} = 739.62704 \dots

Round to the nearest hundredth:

739.63

Amount : 739.63

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