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Cole and Krysta deposit 700.00 into a savings account which earns 9% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solution

Solution

Amount : 836.38

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.09}{4})^{4 \cdot 2}

700 (1 + \frac{0.09}{4})^{4 \cdot 2} = 836.38179 \dots

Round to the nearest hundredth:

836.38

Amount : 836.38

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