Leah puts 4,694.00 into an account to use for school expenses. The account earns 14.24% interest, compounded quarterly. How much will be in the account after 10 years?

Solution

Leah puts 4, 694.00 into an account to use for school expenses. The account earns 14.24% interest, compounded quarterly. How much will be in the account after 10 years?

Solution

Amount : 19020.62

Solution steps

Translate the problem into an equation:

A = 4694 (1 + \frac{0.1424}{4})^{4 \cdot 10}

4694 (1 + \frac{0.1424}{4})^{4 \cdot 10} = 19020.62379 \dots

Round to the nearest hundredth:

19020.62

Amount : 19020.62

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