Tara is saving up money to buy a car. Tara puts 8,000.00 into an account which earns 12% interest, compounded quarterly. How much will she have in the account after 4 years?

Solución

Tara is saving up money to buy a car. Tara puts 8, 000.00 into an account which earns 12% interest, compounded quarterly. How much will she have in the account after 4 years?

Solución

Amount : 12837.65

Pasos de solución

Translate the problem into an equation:

A = 8000 (1 + \frac{0.12}{4})^{4 \cdot 4}

8000 (1 + \frac{0.12}{4})^{4 \cdot 4} = 12837.65151 \dots

Round to the nearest hundredth:

12837.65

Amount : 12837.65

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