Deb opened a savings account and deposited 600.00 as principal. The account earns 2% interest, compounded quarterly. What is the balance after 7 years?

Solución

Solución

Amount : 689.92

Pasos de solución

Translate the problem into an equation:

A = 600 (1 + \frac{0.02}{4})^{4 \cdot 7}

600 (1 + \frac{0.02}{4})^{4 \cdot 7} = 689.92356 \dots

Round to the nearest hundredth:

689.92

Amount : 689.92

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