Oscar and Heather deposit 8,000.00 into a savings account which earns 4% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solução

Oscar and Heather deposit 8, 000.00 into a savings account which earns 4% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solução

Amount : 9014.6

Passos da solução

Translate the problem into an equation:

A = 8000 (1 + \frac{0.04}{4})^{4 \cdot 3}

8000 (1 + \frac{0.04}{4})^{4 \cdot 3} = 9014.60024 \dots

Round to the nearest hundredth:

9014.6

Amount : 9014.6

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