Isaiah and Brenda deposit 6,971.00 into a savings account which earns 9.58% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Isaiah and Brenda deposit 6, 971.00 into a savings account which earns 9.58% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Amount : 9260.62

Pasos de solución

Translate the problem into an equation:

A = 6971 (1 + \frac{0.0958}{4})^{4 \cdot 3}

6971 (1 + \frac{0.0958}{4})^{4 \cdot 3} = 9260.62049 \dots

Round to the nearest hundredth:

9260.62

Amount : 9260.62

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