Dylan invested 93,000 in an account paying an interest rate of 3% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 17 years?

Solución

Dylan invested 93, 000 in an account paying an interest rate of 3% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 17 years?

Solución

Amount : 154577.64

Pasos de solución

Translate the problem into an equation:

A = 93000 (1 + \frac{0.03}{4})^{4 \cdot 17}

93000 (1 + \frac{0.03}{4})^{4 \cdot 17} = 154577.64120 \dots

Round to the nearest hundredth:

154577.64

Amount : 154577.64

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