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Franco puts 3,000.00 into an account to use for school expenses. The account earns 5% interest, compounded quarterly. How much will be in the account after 9 years?

Solution

Franco puts 3, 000.00 into an account to use for school expenses. The account earns 5% interest, compounded quarterly. How much will be in the account after 9 years?

Solution

Amount : 4691.83

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.05}{4})^{4 \cdot 9}

3000 (1 + \frac{0.05}{4})^{4 \cdot 9} = 4691.83145 \dots

Round to the nearest hundredth:

4691.83

Amount : 4691.83

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