Mia opened a savings account and deposited 700.00 as principal. The account earns 2% interest, compounded quarterly. What is the balance after 9 years?

Solution

Solution

Amount : 837.68

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.02}{4})^{4 \cdot 9}

700 (1 + \frac{0.02}{4})^{4 \cdot 9} = 837.67636 \dots

Round to the nearest hundredth:

837.68

Amount : 837.68

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