Question

Diana received an inheritance of $3500 and plans to place all the money in a savings account that pays 3% compounded quarterly. How much money will be in the account in 10 years ?

Answer 1

$36,050

Explanation:

If the original price Diana puts into the savings account is $3500 and the pays 3% increase, than how much will be in the account in 10 years?

3% can also be turned in 3 divided by 100, I will be using that in my explanation.

3 divided by 100 : 0.03

you then multiply 0.03 by 3500 and you will get 105.

3% of the $3,500 is $105

$3,500 plus $105 is $3,605

You then have to multiply that answer by 10(years)

$3,605 times 10 is $36,050