A family deposited $500 in a money market account to save for a trip. If their money earns 1.5% interest compounded quarterly, how much will they have in one year? Algebra Linear Equations Percent Equations 1 Answer sankarankalyanam Jul 7, 2018 #color(indigo)("In 1 year they will have " $530.68# Explanation: #P = $500, N = 1 Year = 4 " Quarters", R = 1.5% " Quarterly"# #"Formula for compound interest " A = P * (1 + R/100)^N# #A = 500 * (1 + 0.015)^4 = $530.68# Answer link Related questions Jimmy made a #"75%# on a test worth #46# points. How many points did he get correct? How do you use proportions to solve percent equations? How do you translate percent problems into an equation? What number is 32% of 600? What number is #3/4#% of 16? 8 is 20% of what number? 99 is 180% of what number? What percent of 7.2 is 45? What percent of 150 is 5? What is 2% of 92? See all questions in Percent Equations Impact of this question 1554 views around the world You can reuse this answer Creative Commons License