Darrell opened a savings account and deposited 4,517.00 as principal. The account earns 4% interest, compounded quarterly. What is the balance after 9 years?

Solution

Darrell opened a savings account and deposited 4, 517.00 as principal. The account earns 4% interest, compounded quarterly. What is the balance after 9 years?

Solution

Amount : 6462.78

Solution steps

Translate the problem into an equation:

A = 4517 (1 + \frac{0.04}{4})^{4 \cdot 9}

4517 (1 + \frac{0.04}{4})^{4 \cdot 9} = 6462.78259 \dots

Round to the nearest hundredth:

6462.78

Amount : 6462.78

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