Camilla opened a savings account and deposited 100.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 4 years?

Solution

Solution

Amount : 142.76

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.09}{4})^{4 \cdot 4}

100 (1 + \frac{0.09}{4})^{4 \cdot 4} = 142.76214 \dots

Round to the nearest hundredth:

142.76

Amount : 142.76

Popular Examples

The radius of a circle is 5 inches. What is the area?You deposit 3000 in an account earning 3% interest compounded continuously. How much will you have in the account in 10 years?Lauren's age is half of Joe's age. Emma is four years older than Joe. The sum of Lauren, Emma, and Joe's age is 534. How old is Joe?9 years from now Paul will be twice as old as Mary.The current sum of the ages of Paul and Mary is 36.How old is Mary right now?How many years will it take a 4200 investment to grow to 11800 if it is invested at 7.2%/a compounded semi monthly?