Maria puts 6,000.00 into an account to use for school expenses. The account earns 2% interest, compounded quarterly. How much will be in the account after 5 years

Solución

Maria puts 6, 000.00 into an account to use for school expenses. The account earns 2% interest, compounded quarterly. How much will be in the account after 5 years

Solución

Amount : 6629.37

Pasos de solución

Translate the problem into an equation:

A = 6000 (1 + \frac{0.02}{4})^{4 \cdot 5}

6000 (1 + \frac{0.02}{4})^{4 \cdot 5} = 6629.37346 \dots

Round to the nearest hundredth:

6629.37

Amount : 6629.37

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