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Find the final amount of money in an account if \$500 is deposited at 7.5 %interest compounded quarterly and the money is left for 8 years.

Solución

Find the final amount of money in an account if $500 is deposited at 7.5 %interest compounded quarterly and the money is left for 8 years.

Solución

Amount : 906.01

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.075}{4})^{4 \cdot 8}

500 (1 + \frac{0.075}{4})^{4 \cdot 8} = 906.01189 \dots

Round to the nearest hundredth:

906.01

Amount : 906.01

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