Nicholas opened a savings account and deposited 300.00 as principal. The account earns 10% interest, compounded quarterly. What is the balance after 10 years?

Solución

Solución

Amount : 805.52

Pasos de solución

Translate the problem into an equation:

A = 300 (1 + \frac{0.1}{4})^{4 \cdot 10}

300 (1 + \frac{0.1}{4})^{4 \cdot 10} = 805.51915 \dots

Round to the nearest hundredth:

805.52

Amount : 805.52

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