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Ayana puts 6,000.00 into an account to use for school expenses. The account earns 1% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Ayana puts 6, 000.00 into an account to use for school expenses. The account earns 1% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Amount : 6499.07

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.01}{4})^{4 \cdot 8}

6000 (1 + \frac{0.01}{4})^{4 \cdot 8} = 6499.07354 \dots

Round to the nearest hundredth:

6499.07

Amount : 6499.07

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