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A couple decides to set aside 3000 in a savings account for a second honeymoon trip. It is compounded quarterly for 13 years at 8%. Find the amount of money they will have in 13 years. Round your answer to the nearest cent.

Solution

Solution

Amount : 8400.98

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.08}{4})^{4 \cdot 13}

3000 (1 + \frac{0.08}{4})^{4 \cdot 13} = 8400.98455 \dots

Round to the nearest hundredth:

8400.98

Amount : 8400.98

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