Trisha is saving up money to buy a car. Trisha puts 6,599.00 into an account which earns 9.61% interest, compounded quarterly. How much will she have in the account after 2 years?

Solución

Trisha is saving up money to buy a car. Trisha puts 6, 599.00 into an account which earns 9.61% interest, compounded quarterly. How much will she have in the account after 2 years?

Solución

Amount : 7979.26

Pasos de solución

Translate the problem into an equation:

A = 6599 (1 + \frac{0.0961}{4})^{4 \cdot 2}

6599 (1 + \frac{0.0961}{4})^{4 \cdot 2} = 7979.25976 \dots

Round to the nearest hundredth:

7979.26

Amount : 7979.26

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