Austin invested 11,000 in an account paying an interest rate of 5.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 6 years?

Solution

Austin invested 11, 000 in an account paying an interest rate of 5.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 6 years?

Solution

Amount : 15448.03

Solution steps

Translate the problem into an equation:

A = 11000 (1 + \frac{0.057}{4})^{4 \cdot 6}

11000 (1 + \frac{0.057}{4})^{4 \cdot 6} = 15448.02907 \dots

Round to the nearest hundredth:

15448.03

Amount : 15448.03

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