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?

Lời Giải

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?

Lời Giải

Amount : 10621.99

Các bước giải pháp

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

Làm tròn đến hundredth gần nhất:

10621.99

Amount : 10621.99

Ví dụ phổ biến

You deposit 6000 in an account earning 2% interest compounded continuously. How much will you have in the account in 10 years?the sum of 2 numbers is 32. one number is 3 times larger four times a number is 112 Twice the hiệu of a number and 7 is equal to 8.Suppose an investment earns 1.8% interest compounded continuously. Find the future value of a 5800 investment after 15 years. Round your answer to the nearest cent, if necessary.