Find the compound amount for the deposit and the amount of interest earned.\$8700 at 3% compounded quarterly for 9 years. The compound amount after 9 years is\$

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Solution

Find the compound amount for the deposit and the amount of interest earned.$8700 at 3% compounded quarterly for 9 years. The compound amount after 9 years is$

Solution

Interest : 2685.21

Solution steps

Translate the problem into an equation:

11385.21472 \dots = 8700 + I

Solve for

I, 11385.21472 \dots = 8700 + I : I = 2685.21

Interest : 2685.21

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