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You open a saving account by depositing 11,250 into an account earning 4.75%. If this account is compounded quarterly, how much would you have in the account after 35 years.

Solution

You open a saving account by depositing 11, 250 into an account earning 4.75%. If this account is compounded quarterly, how much would you have in the account after 35 years.

Solution

Amount : 58737.27

Solution steps

Translate the problem into an equation:

A = 11250 (1 + \frac{0.0475}{4})^{4 \cdot 35}

11250 (1 + \frac{0.0475}{4})^{4 \cdot 35} = 58737.27252 \dots

Round to the nearest hundredth:

58737.27

Amount : 58737.27

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