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Hanson puts 4,174.00 into an account to use for school expenses. The account earns 14% interest, compounded quarterly. How much will be in the account after 10 years?

Solution

Hanson puts 4, 174.00 into an account to use for school expenses. The account earns 14% interest, compounded quarterly. How much will be in the account after 10 years?

Solution

Amount : 16525.95

Solution steps

Translate the problem into an equation:

A = 4174 (1 + \frac{0.14}{4})^{4 \cdot 10}

4174 (1 + \frac{0.14}{4})^{4 \cdot 10} = 16525.95007 \dots

Round to the nearest hundredth:

16525.95

Amount : 16525.95

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