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 1570 views around the world You can reuse this answer Creative Commons License