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Lillian is saving up money to buy a car. Lillian puts 8,000.00 into an account which earns 9% interest, compounded quarterly. How much will she have in the account after 4 years?

Solution

Lillian is saving up money to buy a car. Lillian puts 8, 000.00 into an account which earns 9% interest, compounded quarterly. How much will she have in the account after 4 years?

Solution

Amount : 11420.97

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.09}{4})^{4 \cdot 4}

8000 (1 + \frac{0.09}{4})^{4 \cdot 4} = 11420.97165 \dots

Round to the nearest hundredth:

11420.97

Amount : 11420.97

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