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Jaxon invested 58,000 in an account paying an interest rate of 2.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 14 years?

Solution

Jaxon invested 58, 000 in an account paying an interest rate of 2.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 14 years?

Solution

Amount : 84535.62

Solution steps

Translate the problem into an equation:

A = 58000 (1 + \frac{0.027}{4})^{4 \cdot 14}

58000 (1 + \frac{0.027}{4})^{4 \cdot 14} = 84535.61902 \dots

Round to the nearest hundredth:

84535.62

Amount : 84535.62

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