Denise opened a savings account and deposited 4,000.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 9 years?

Solución

Denise opened a savings account and deposited 4, 000.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 9 years?

Solución

Amount : 10621.99

Pasos de solución

Translate the problem into an equation:

A = 4000 (1 + \frac{0.11}{4})^{4 \cdot 9}

4000 (1 + \frac{0.11}{4})^{4 \cdot 9} = 10621.99006 \dots

Round to the nearest hundredth:

10621.99

Amount : 10621.99

Ejemplos populares

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