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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

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

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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