Kaylee invested 910 in an account paying an interest rate of 2.6% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 10 years?

Solución

Solución

Amount : 1179.21

Pasos de solución

Translate the problem into an equation:

A = 910 (1 + \frac{0.026}{4})^{4 \cdot 10}

910 (1 + \frac{0.026}{4})^{4 \cdot 10} = 1179.21382 \dots

Round to the nearest hundredth:

1179.21

Amount : 1179.21

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