Omar puts 400.00 into an account to use for school expenses. The account earns 10% interest, compounded quarterly. How much will be in the account after 10 years?

Solution

Solution

Amount : 1074.03

Solution steps

Translate the problem into an equation:

A = 400 (1 + \frac{0.1}{4})^{4 \cdot 10}

400 (1 + \frac{0.1}{4})^{4 \cdot 10} = 1074.02553 \dots

Round to the nearest hundredth:

1074.03

Amount : 1074.03

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