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Popular Word Problems >

Lillian is saving up money to buy a car. Lillian puts 8,000.00 into an account which earns 9% interest, compounded quarterly. How much will she have in the account after 4 years?

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Solution

Lillianissavingupmoneytobuyacar.Lillianputs8,000.00intoanaccountwhichearns9%interest,compoundedquarterly.Howmuchwillshehaveintheaccountafter4years?

Solution

Amount:11420.97
Solution steps
Translate the problem into an equation:A=8000(1+40.09​)4⋅4
8000(1+40.09​)4⋅4=11420.97165…
Round to the nearest hundredth:11420.97
Amount:11420.97

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