Bryan opened a savings account and deposited 4,639.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 3 years?

Solution

Bryan opened a savings account and deposited 4, 639.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 3 years?

Solution

Amount : 6058.77

Solution steps

Translate the problem into an equation:

A = 4639 (1 + \frac{0.09}{4})^{4 \cdot 3}

4639 (1 + \frac{0.09}{4})^{4 \cdot 3} = 6058.76590 \dots

Round to the nearest hundredth:

6058.77

Amount : 6058.77

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