Xavier and Julia deposit 600.00 into a savings account which earns 8% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Solución

Amount : 760.95

Pasos de solución

Translate the problem into an equation:

A = 600 (1 + \frac{0.08}{4})^{4 \cdot 3}

600 (1 + \frac{0.08}{4})^{4 \cdot 3} = 760.94507 \dots

Round to the nearest hundredth:

760.95

Amount : 760.95

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