Kenneth puts 700.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 4 years?

Solución

Solución

Amount : 1123.29

Pasos de solución

Translate the problem into an equation:

A = 700 (1 + \frac{0.12}{4})^{4 \cdot 4}

700 (1 + \frac{0.12}{4})^{4 \cdot 4} = 1123.29450 \dots

Round to the nearest hundredth:

1123.29

Amount : 1123.29

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