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Popular Word Problems >

An initial investment of 12,000 is appreciated for 7 years in an account that earns 9% interest, compounded quarterly. Find the amount of money in the account at the end of the period.

Solution

implicit derivative

ini t ia l in v es t m e n t o f 12, 000 i s a pp rec ia t e d f or 7 ye a rs in an a cco u n t t ha t e a r n s 9% in t eres t, co m p o u n d e d q u a r t er l y . F in d t h e am o u n t o f m o n ey in t h e a cco u n t a t t h e e n d o f t h e p er i o d .

Solution

Amount : 22374.54

Solution steps

Translate the problem into an equation:

A = 12000 (1 + \frac{0.09}{4})^{4 \cdot 7}

12000 (1 + \frac{0.09}{4})^{4 \cdot 7} = 22374.53988 \dots

Round to the nearest hundredth:

22374.54

Amount : 22374.54

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