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

Popular Examples

The diameter of a circle is 10 meters. What is the area?How many apples are left from the 10 apples on the table if kira takes 4 The area of a circle is 50.24 square millimeters. What is the circle's diameter?Devon has invested 1400 into an account with a 6% APR compounding monthly. What will the balance be after 3 years if left alone? Round to the nearest cent.Two trains leave stations 230 miles apart at the same time and travel toward each other. One train travels at 85 miles per hour while the other travels at 70 miles per hour. How long will it take for the two trains to meet?