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Cynthia invested 12,000 in a savings account. If the interest rate is 6% per year, how much will be in the account in 10 years with quarterly compounding?

Solution

Cynthia invested 12, 000 in a savings account. If the interest rate is 6% per year, how much will be in the account in 10 years with quarterly compounding?

Solution

Amount : 21768.22

Solution steps

Translate the problem into an equation:

A = 12000 (1 + \frac{0.06}{4})^{4 \cdot 10}

12000 (1 + \frac{0.06}{4})^{4 \cdot 10} = 21768.22090 \dots

Round to the nearest hundredth:

21768.22

Amount : 21768.22

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