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Candice is saving up money to buy a car. Candice puts 7,000.00 into an account which earns 1% interest, compounded quarterly. How much will she have in the account after 5 years?Round your answer to the nearest cent.

Solution

Candice is saving up money to buy a car. Candice puts 7, 000.00 into an account which earns 1% interest, compounded quarterly. How much will she have in the account after 5 years?Round your answer to the nearest cent.

Solution

Amount : 7358.44

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.01}{4})^{4 \cdot 5}

7000 (1 + \frac{0.01}{4})^{4 \cdot 5} = 7358.43852 \dots

Round to the nearest hundredth:

7358.44

Amount : 7358.44

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