7000 are invested in a bank account at an interest rate of 4 percent per year.Find the amount in the bank after 9 years if interest is compounded quarterly

Solution

Solution

Amount : 10015.38

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.04}{4})^{4 \cdot 9}

7000 (1 + \frac{0.04}{4})^{4 \cdot 9} = 10015.38148 \dots

Round to the nearest hundredth:

10015.38

Amount : 10015.38

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