Diane is saving up money to buy a car. Diane puts 9,308.00 into an account which earns 12% interest, compounded quarterly. How much will she have in the account after 4 years?

Solution

Diane is saving up money to buy a car. Diane puts 9, 308.00 into an account which earns 12% interest, compounded quarterly. How much will she have in the account after 4 years?

Solution

Amount : 14936.61

Solution steps

Translate the problem into an equation:

A = 9308 (1 + \frac{0.12}{4})^{4 \cdot 4}

9308 (1 + \frac{0.12}{4})^{4 \cdot 4} = 14936.60753 \dots

Round to the nearest hundredth:

14936.61

Amount : 14936.61

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