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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?

Lösung

Lösung

Amount : 1113.91

Schritte zur Lösung

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

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