Patrick opened a savings account and deposited 500.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 7 years?

Lời Giải

Lời Giải

Amount : 932.27

Các bước giải pháp

Translate the problem into an equation:

A = 500 (1 + \frac{0.09}{4})^{4 \cdot 7}

500 (1 + \frac{0.09}{4})^{4 \cdot 7} = 932.27249 \dots

Làm tròn đến hundredth gần nhất:

932.27

Amount : 932.27

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