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Akira is saving up money to buy a car. Akira puts 5,000.00 into an account which earns 7% interest, compounded quarterly. How much will she have in the account after 10 years?

Solution

Akira is saving up money to buy a car. Akira puts 5, 000.00 into an account which earns 7% interest, compounded quarterly. How much will she have in the account after 10 years?

Solution

Amount : 10007.99

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.07}{4})^{4 \cdot 10}

5000 (1 + \frac{0.07}{4})^{4 \cdot 10} = 10007.98671 \dots

Round to the nearest hundredth:

10007.99

Amount : 10007.99

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