Ezra and Brenda deposit 9,028.00 into a savings account which earns 10% 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

Ezra and Brenda deposit 9, 028.00 into a savings account which earns 10% 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 : 12141.66

Pasos de solución

Translate the problem into an equation:

A = 9028 (1 + \frac{0.1}{4})^{4 \cdot 3}

9028 (1 + \frac{0.1}{4})^{4 \cdot 3} = 12141.65630 \dots

Round to the nearest hundredth:

12141.66

Amount : 12141.66

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