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Austin is saving up money to buy a car. Austin puts 7,000.00 into an account which earns 13% interest, compounded quarterly. How much will he have in the account after 7 years?

Solution

Austin is saving up money to buy a car. Austin puts 7, 000.00 into an account which earns 13% interest, compounded quarterly. How much will he have in the account after 7 years?

Solution

Amount : 17140.35

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.13}{4})^{4 \cdot 7}

7000 (1 + \frac{0.13}{4})^{4 \cdot 7} = 17140.35171 \dots

Round to the nearest hundredth:

17140.35

Amount : 17140.35

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