Marie invested 10000 in a savings account that pays 2 interest quartarly 4 times a yesr. how much money will she have in her account in 7 years?

Question

asked Oct 23, 2023 37.5k views

1 Answer

Matt Milner · Answer 1 · 2023-10-29T03:16:31+0000

Okey, here we have the following:

Capital: 10000

Interest: 2%

Time: 7 Years= 7*4=28 quarters of year

Using the compound interest formula, we get:

$C_f=10000(1+(0.02)/(4))^(4\cdot7)=1000(1+(0.02)/(4))^(28)$

Working we get:

$C_f\approx11.498.73$

She will have aproximately $11,498.73 in her account after 7 years.