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Jason puts 2,092.00 into an account to use for school expenses. The account earns 14.46% interest, compounded quarterly. How much will be in the account after 7 years?

Solution

Jason puts 2, 092.00 into an account to use for school expenses. The account earns 14.46% interest, compounded quarterly. How much will be in the account after 7 years?

Solution

Amount : 5654.51

Solution steps

Translate the problem into an equation:

A = 2092 (1 + \frac{0.1446}{4})^{4 \cdot 7}

2092 (1 + \frac{0.1446}{4})^{4 \cdot 7} = 5654.51496 \dots

Round to the nearest hundredth:

5654.51

Amount : 5654.51

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