Shawn opened a savings account and deposited 2,159.00 as principal. The account earns 9.41% interest, compounded quarterly. What is the balance after 2 years?

Solución

Shawn opened a savings account and deposited 2, 159.00 as principal. The account earns 9.41% interest, compounded quarterly. What is the balance after 2 years?

Solución

Amount : 2600.4

Pasos de solución

Translate the problem into an equation:

A = 2159 (1 + \frac{0.0941}{4})^{4 \cdot 2}

2159 (1 + \frac{0.0941}{4})^{4 \cdot 2} = 2600.40074 \dots

Round to the nearest hundredth:

2600.4

Amount : 2600.4

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