Justine puts 9,902.00 into an account to use for school expenses. The account earns 9% interest, compounded quarterly. How much will be in the account after 7 years?

Solution

Justine puts 9, 902.00 into an account to use for school expenses. The account earns 9% interest, compounded quarterly. How much will be in the account after 7 years?

Solution

Amount : 18462.72

Solution steps

Translate the problem into an equation:

A = 9902 (1 + \frac{0.09}{4})^{4 \cdot 7}

9902 (1 + \frac{0.09}{4})^{4 \cdot 7} = 18462.72449 \dots

Round to the nearest hundredth:

18462.72

Amount : 18462.72

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