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Pam puts 500.00 into an account to use for school expenses. The account earns 11% interest, compounded quarterly. How much will be in the account after 9 years?

Solution

Solution

Amount : 1327.75

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.11}{4})^{4 \cdot 9}

500 (1 + \frac{0.11}{4})^{4 \cdot 9} = 1327.74875 \dots

Round to the nearest hundredth:

1327.75

Amount : 1327.75

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