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Popular Word Problems >

Leah is saving up money to buy a car. Leah puts 9,351.00 into an account which earns 4% interest, compounded quarterly. How much will she have in the account after 3 years?

Solution

L e ah i s s a v in g u p m o n ey t o b u y a c a r . L e ah p u t s 9, 351.00 in t o an a cco u n t w hi c h e a r n s 4% in t eres t, co m p o u n d e d q u a r t er l y . Ho w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 3 ye a rs ?

Solution

Amount : 10536.94

Solution steps

Translate the problem into an equation:

A = 9351 (1 + \frac{0.04}{4})^{4 \cdot 3}

9351 (1 + \frac{0.04}{4})^{4 \cdot 3} = 10536.94085 \dots

Round to the nearest hundredth:

10536.94

Amount : 10536.94

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