Suppose that when your friend was born, your friend's parents deposited 4000 in an account paying 4.5% interest compounded quarterly. What will the account balance be after 19 years?

Solution

Solution

Amount : 9360.71

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.045}{4})^{4 \cdot 19}

4000 (1 + \frac{0.045}{4})^{4 \cdot 19} = 9360.70637 \dots

Round to the nearest hundredth:

9360.71

Amount : 9360.71

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Suppose that when your friend was​ born, your​ friend's parents deposited ​4000 in an account paying 4.5​% interest compounded quarterly. What will the account balance be after 19 ​years?

Solution

Solution

Popular Examples

Suppose that when your friend was born, your friend's parents deposited 4000 in an account paying 4.5% interest compounded quarterly. What will the account balance be after 19 years?