Jeanette is saving up money to buy a car. Jeanette puts 5,444.00 into an account which earns 10% interest, compounded quarterly. How much will she have in the account after 3 years?

Solución

Jeanette is saving up money to buy a car. Jeanette puts 5, 444.00 into an account which earns 10% interest, compounded quarterly. How much will she have in the account after 3 years?

Solución

Amount : 7321.57

Pasos de solución

Translate the problem into an equation:

A = 5444 (1 + \frac{0.1}{4})^{4 \cdot 3}

5444 (1 + \frac{0.1}{4})^{4 \cdot 3} = 7321.57475 \dots

Round to the nearest hundredth:

7321.57

Amount : 7321.57

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