The Browns are saving up to go on a family vacation in 5 years. They invest \$3100 into an account with an annual interest rate of 1.45% compounded quarterly. Assuming no withdrawals are made, how much money is in the Browns' account after 5 years?

Solución

The Browns are saving up to go on a family vacation in 5 years. They invest $3100 into an account with an annual interest rate of 1.45% compounded quarterly. Assuming no withdrawals are made, how much money is in the Browns' account after 5 years?

Solución

Amount : 3332.66

Pasos de solución

Translate the problem into an equation:

A = 3100 (1 + \frac{0.0145}{4})^{4 \cdot 5}

3100 (1 + \frac{0.0145}{4})^{4 \cdot 5} = 3332.66079 \dots

Round to the nearest hundredth:

3332.66

Amount : 3332.66

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