Colin puts 1,500.00 into an account to use for school expenses. The account earns 3% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Colin puts 1, 500.00 into an account to use for school expenses. The account earns 3% interest, compounded quarterly. How much will be in the account after 8 years?

Solution

Amount : 1905.17

étapes des solutions

Translate the problem into an equation:

A = 1500 (1 + \frac{0.03}{4})^{4 \cdot 8}

1500 (1 + \frac{0.03}{4})^{4 \cdot 8} = 1905.16683 \dots

Arrondir à hundredth la plus proche:

1905.17

Amount : 1905.17

Exemples populaires

Find the final amount of a \$2500 investment after 10 years at 9% growth.the product of negative four and a number You are dealt one card from a 52 card deck. Find the probability that you are dealt a club or a non dash picture card.Meg invested 16,000 in a savings account. If the annual interest rate is 6%, how much will be in the account in5 years with quarterly compounding?Jeanette is saving up money to buy a car. Jeanette puts 5,444.00 into an account which earns 10% interest, compounded quarterly. How much will she have in the account after 3 years?