Camilla opened a savings account and deposited 100.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 4 years?

Solución

Solución

Amount : 142.76

Pasos de solución

Translate the problem into an equation:

A = 100 (1 + \frac{0.09}{4})^{4 \cdot 4}

100 (1 + \frac{0.09}{4})^{4 \cdot 4} = 142.76214 \dots

Round to the nearest hundredth:

142.76

Amount : 142.76

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