Jasmine invests 2,658 in a retirement account with a fixed annual interest rate of 9% compounded quarterly. What will the account balance be after 15 years?

Solución

Jasmine invests 2, 658 in a retirement account with a fixed annual interest rate of 9% compounded quarterly. What will the account balance be after 15 years?

Solución

Amount : 10100.76

Pasos de solución

Translate the problem into an equation:

A = 2658 (1 + \frac{0.09}{4})^{4 \cdot 15}

2658 (1 + \frac{0.09}{4})^{4 \cdot 15} = 10100.75826 \dots

Round to the nearest hundredth:

10100.76

Amount : 10100.76

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