Shelby puts 200.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 6 years?

Solution

Solution

Amount : 406.56

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.12}{4})^{4 \cdot 6}

200 (1 + \frac{0.12}{4})^{4 \cdot 6} = 406.55882 \dots

Round to the nearest hundredth:

406.56

Amount : 406.56

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