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Reagan is saving up money to buy a car. Reagan puts 7,000.00 into an account which earns 12% interest, compounded quarterly. How much will she have in the account after 3 years?

Solution

Reagan is saving up money to buy a car. Reagan puts 7, 000.00 into an account which earns 12% interest, compounded quarterly. How much will she have in the account after 3 years?

Solution

Amount : 9980.33

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.12}{4})^{4 \cdot 3}

7000 (1 + \frac{0.12}{4})^{4 \cdot 3} = 9980.32620 \dots

Round to the nearest hundredth:

9980.33

Amount : 9980.33

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