Popular >

Xavier and Julia deposit 600.00 into a savings account which earns 8% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solution

Solution

Amount : 760.95

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.08}{4})^{4 \cdot 3}

600 (1 + \frac{0.08}{4})^{4 \cdot 3} = 760.94507 \dots

Round to the nearest hundredth:

760.95

Amount : 760.95

Popular Examples

three less than twice a number is 7 Find the compound amount for the deposit and the amount of interested earned.\$16,000 at %6 compounded monthly for 20 years.Find the area of a rectangle with a length of 120 and a width of 60 Read and solve each problem.:The product of 12 and a number is 84 . Find the number.The football team at Milford College is having a new stadium built that will accommodate 102,135 people. According to one fan's calculations, that is 50% more people than their old stadium could seat. How many seats did the old stadium have?