Wesley opened a savings account and deposited 100.00 as principal. The account earns 13% interest, compounded quarterly. What is the balance after 7 years?

Soluzione

Soluzione

Amount : 244.86

Fasi della soluzione

Translate the problem into an equation:

A = 100 (1 + \frac{0.13}{4})^{4 \cdot 7}

100 (1 + \frac{0.13}{4})^{4 \cdot 7} = 244.86216 \dots

Arrotondare all' hundredth più vicino:

244.86

Amount : 244.86

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