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Popular Word Problems >

Joel invests 25,000 with an interest rate of 3.5% compounded quarterly. After 9 years, what is the total amount Joel's investment?

Solution

J oe l in v es t s 25, 000 w i t h an in t eres t r a t e o f 3.5% co m p o u n d e d q u a r t er l y . A f t er 9 ye a rs, w ha t i s t h e t o t a l am o u n t J oe l^{'} s in v es t m e n t ?

Solution

Amount : 34209.58

Solution steps

Translate the problem into an equation:

A = 25000 (1 + \frac{0.035}{4})^{4 \cdot 9}

25000 (1 + \frac{0.035}{4})^{4 \cdot 9} = 34209.57879 \dots

Round to the nearest hundredth:

34209.58

Amount : 34209.58

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