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Popular Word Problems >

An initial investment of 1160 earns interest for 9 years in an account that earns 12% interest, compounded quarterly. Find the balance of the account at the end of 9 years.

Solution

implicit derivative

ini t ia l in v es t m e n t o f 1160 e a r n s in t eres t f or 9 ye a rs in an a cco u n t t ha t e a r n s 12% 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 ba l an ce o f t h e a cco u n t a t t h e e n d o f 9 ye a rs .

Solution

Amount : 3362

Solution steps

Translate the problem into an equation:

A = 1160 (1 + \frac{0.12}{4})^{4 \cdot 9}

1160 (1 + \frac{0.12}{4})^{4 \cdot 9} = 3362.00286 \dots

Round to the nearest hundredth:

3362

Amount : 3362

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