Sophie opened a savings account and deposited 3,000.00 as principal. The account earns 4% interest, compounded quarterly. How much interest will she earn after 8 years?

Solution

Sophie opened a savings account and deposited 3, 000.00 as principal. The account earns 4% interest, compounded quarterly. How much interest will she earn after 8 years?

Solution

Interest : 1124.82

Solution steps

Translate the problem into an equation:

4124.82203 \dots = 3000 + I

Solve for

I, 4124.82203 \dots = 3000 + I : I = 1124.82

Interest : 1124.82

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