Shawn puts 4,000.00 into an account to use for school expenses. The account earns 14% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Shawn puts 4, 000.00 into an account to use for school expenses. The account earns 14% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Amount : 12026.83

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.14}{4})^{4 \cdot 8}

4000 (1 + \frac{0.14}{4})^{4 \cdot 8} = 12026.83034 \dots

Round to the nearest hundredth:

12026.83

Amount : 12026.83

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