Isaiah puts 7,724.00 into an account to use for school expenses. The account earns 9% interest, compounded quarterly. How much will be in the account after 7 years?

Solution

Isaiah puts 7, 724.00 into an account to use for school expenses. The account earns 9% interest, compounded quarterly. How much will be in the account after 7 years?

Solution

Amount : 14401.75

Solution steps

Translate the problem into an equation:

A = 7724 (1 + \frac{0.09}{4})^{4 \cdot 7}

7724 (1 + \frac{0.09}{4})^{4 \cdot 7} = 14401.74550 \dots

Round to the nearest hundredth:

14401.75

Amount : 14401.75

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