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Popular Word Problems >

How much money will there be in an account at the end of 4 years if 9000 is deposited at 4% interest compounded quarterly?

Solution

Ho w m u c h m o n ey w i ll t h ere b e in an a cco u n t a t t h e e n d o f 4 ye a rs i f ​9000 i s d e p os i t e d a t 4​% in t eres t co m p o u n d e d q u a r t er l y ?

Solution

Amount : 10553.21

Solution steps

Translate the problem into an equation:

A = 9000 (1 + \frac{0.04}{4})^{4 \cdot 4}

9000 (1 + \frac{0.04}{4})^{4 \cdot 4} = 10553.20780 \dots

Round to the nearest hundredth:

10553.21

Amount : 10553.21

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