Leah is saving up money to buy a car. Leah puts 9,351.00 into an account which earns 4% interest, compounded quarterly. How much will she have in the account after 3 years?

Solution

Leah is saving up money to buy a car. Leah puts 9, 351.00 into an account which earns 4% interest, compounded quarterly. How much will she have in the account after 3 years?

Solution

Amount : 10536.94

Solution steps

Translate the problem into an equation:

A = 9351 (1 + \frac{0.04}{4})^{4 \cdot 3}

9351 (1 + \frac{0.04}{4})^{4 \cdot 3} = 10536.94085 \dots

Round to the nearest hundredth:

10536.94

Amount : 10536.94

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