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Ruth invests $10,000 in an account that earns 2.85% compounded quarterly. How much money will she have in that account after 30 years?
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1 vote
Ruth invests $10,000 in an account that earns 2.85% compounded quarterly. How much money will she have in that account after 30 years?

User Dzendras
by
5.1k points

1 Answer

2 votes

Answer:

18,550

Explanation:

x/10,000 = 2.85/100

Cross multiply

100x = 28500

Simplify

x=285

Multiply by 30

285 x 30 = 8,550

Add to Original Investment

28,550

User Haysclark
by
4.9k points
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