Nathan invested 3,500 in an account paying an interest rate of 3.5% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 19 years?

Solución

Nathan invested 3, 500 in an account paying an interest rate of 3.5% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 19 years?

Solución

Amount : 6786.06

Pasos de solución

Translate the problem into an equation:

A = 3500 (1 + \frac{0.035}{4})^{4 \cdot 19}

3500 (1 + \frac{0.035}{4})^{4 \cdot 19} = 6786.05963 \dots

Round to the nearest hundredth:

6786.06

Amount : 6786.06

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