Valentina opened a savings account and deposited 800.00 as principal. The account earns 7% interest, compounded quarterly. What is the balance after 5 years?

Solución

Solución

Amount : 1131.82

Pasos de solución

Translate the problem into an equation:

A = 800 (1 + \frac{0.07}{4})^{4 \cdot 5}

800 (1 + \frac{0.07}{4})^{4 \cdot 5} = 1131.82255 \dots

Round to the nearest hundredth:

1131.82

Amount : 1131.82

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