Rosanne is saving up money to buy a car. Rosanne puts 7,175.00 into an account which earns 7% interest, compounded quarterly. How much will she have in the account after 10 years?

Solution

Rosanne is saving up money to buy a car. Rosanne puts 7, 175.00 into an account which earns 7% interest, compounded quarterly. How much will she have in the account after 10 years?

Solution

Amount : 14361.46

Solution steps

Translate the problem into an equation:

A = 7175 (1 + \frac{0.07}{4})^{4 \cdot 10}

7175 (1 + \frac{0.07}{4})^{4 \cdot 10} = 14361.46093 \dots

Round to the nearest hundredth:

14361.46

Amount : 14361.46

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