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Jordan and Carmen deposit 2,430.00 into a savings account which earns 11% 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

Jordan and Carmen deposit 2, 430.00 into a savings account which earns 11% 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

Amount : 3365.02

Solution steps

Translate the problem into an equation:

A = 2430 (1 + \frac{0.11}{4})^{4 \cdot 3}

2430 (1 + \frac{0.11}{4})^{4 \cdot 3} = 3365.02457 \dots

Round to the nearest hundredth:

3365.02

Amount : 3365.02

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