Jeffrey and Aubrey deposit 600.00 into a savings account which earns 1% 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

Solución

Amount : 618.25

Pasos de solución

Translate the problem into an equation:

A = 600 (1 + \frac{0.01}{4})^{4 \cdot 3}

600 (1 + \frac{0.01}{4})^{4 \cdot 3} = 618.24957 \dots

Round to the nearest hundredth:

618.25

Amount : 618.25

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