Russell puts 500.00 into an account to use for school expenses. The account earns 9% interest, compounded quarterly. How much will be in the account after 9 years?

Solution

Solution

Amount : 1113.91

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.09}{4})^{4 \cdot 9}

500 (1 + \frac{0.09}{4})^{4 \cdot 9} = 1113.90820 \dots

Round to the nearest hundredth:

1113.91

Amount : 1113.91

Popular Examples

3 times a number minus 12 is equal to:5 times the number plus 15:Find the number.2 less than the sum of 10 and a number The diameter of a circle is 20 cm. Find its area in terms of pi A sphere has a volume of 288pi in³. Find the radius of the sphere The product of a number and 4 is 48.