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The Garcias are saving up to go on a family vacation in 5 years. They invest 3200 into an account with an annual interest rate of 1.46% compounded quarterly.Assuming no withdrawals are made, how much money is in the Garcias' account after 5 years?

Solution

Solution

Amount : 3441.88

Solution steps

Translate the problem into an equation:

A = 3200 (1 + \frac{0.0146}{4})^{4 \cdot 5}

3200 (1 + \frac{0.0146}{4})^{4 \cdot 5} = 3441.88025 \dots

Round to the nearest hundredth:

3441.88

Amount : 3441.88

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