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A bank offers an investment account with an annual interest rate of 1.44% compounded quarterly. Mai invests \$3700 into the account for 5 years. Assuming no withdrawals are made, how much money is in Mai's account after 5 years?

Solution

A bank offers an investment account with an annual interest rate of 1.44% compounded quarterly. Mai invests $3700 into the account for 5 years. Assuming no withdrawals are made, how much money is in Mai's account after 5 years?

Solution

Amount : 3975.71

Solution steps

Translate the problem into an equation:

A = 3700 (1 + \frac{0.0144}{4})^{4 \cdot 5}

3700 (1 + \frac{0.0144}{4})^{4 \cdot 5} = 3975.71072 \dots

Round to the nearest hundredth:

3975.71

Amount : 3975.71

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