Tori puts 3,000.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 8 years?

Solución

Tori puts 3, 000.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 8 years?

Solución

Amount : 7725.25

Pasos de solución

Translate the problem into an equation:

A = 3000 (1 + \frac{0.12}{4})^{4 \cdot 8}

3000 (1 + \frac{0.12}{4})^{4 \cdot 8} = 7725.24826 \dots

Round to the nearest hundredth:

7725.25

Amount : 7725.25

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