Jayden invested 65,000 in an account paying an interest rate of 2.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 7 years?

Solution

Jayden invested 65, 000 in an account paying an interest rate of 2.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 7 years?

Solution

Amount : 75264.06

Solution steps

Translate the problem into an equation:

A = 65000 (1 + \frac{0.021}{4})^{4 \cdot 7}

65000 (1 + \frac{0.021}{4})^{4 \cdot 7} = 75264.06076 \dots

Round to the nearest hundredth:

75264.06

Amount : 75264.06

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