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Maraheb’s parents invested 14, 000 at 3% interest compounded quarterly. How much money will be in the account after 10 years growth or decay

Solution

Maraheb’s parents invested 14, 000 at 3% interest compounded quarterly. How much money will be in the account after 10 years growth or decay

Solution

Amount : 18876.88

Solution steps

Translate the problem into an equation:

A = 14000 (1 + \frac{0.03}{4})^{4 \cdot 10}

14000 (1 + \frac{0.03}{4})^{4 \cdot 10} = 18876.88057 \dots

Round to the nearest hundredth:

18876.88

Amount : 18876.88

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