Kirk and Pamela deposit 600.00 into a savings account which earns 2% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solución

Solución

Amount : 624.42

Pasos de solución

Translate the problem into an equation:

A = 600 (1 + \frac{0.02}{4})^{4 \cdot 2}

600 (1 + \frac{0.02}{4})^{4 \cdot 2} = 624.42422 \dots

Round to the nearest hundredth:

624.42

Amount : 624.42

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