Luna opened a savings account and deposited 100.00 as principal. The account earns 6% interest, compounded quarterly. What is the balance after 9 years?

Solution

Solution

Amount : 170.91

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.06}{4})^{4 \cdot 9}

100 (1 + \frac{0.06}{4})^{4 \cdot 9} = 170.91395 \dots

Round to the nearest hundredth:

170.91

Amount : 170.91

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