Seth puts 3,994.00 into an account to use for school expenses. The account earns 7.99% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Seth puts 3, 994.00 into an account to use for school expenses. The account earns 7.99% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Amount : 7520.95

Solution steps

Translate the problem into an equation:

A = 3994 (1 + \frac{0.0799}{4})^{4 \cdot 8}

3994 (1 + \frac{0.0799}{4})^{4 \cdot 8} = 7520.95395 \dots

Round to the nearest hundredth:

7520.95

Amount : 7520.95

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