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Victor is saving up money to buy a car. Victor puts 10,000.00 into an account which earns 4% interest, compounded quarterly. How much will he have in the account after 9 years?

Solution

Victor is saving up money to buy a car. Victor puts 10, 000.00 into an account which earns 4% interest, compounded quarterly. How much will he have in the account after 9 years?

Solution

Amount : 14307.69

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.04}{4})^{4 \cdot 9}

10000 (1 + \frac{0.04}{4})^{4 \cdot 9} = 14307.68783 \dots

Round to the nearest hundredth:

14307.69

Amount : 14307.69

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