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Suppose that when your friend was born, your friend's parents deposited 9000 in an account paying 5.1% interest compounded quarterly. What will the account balance be after 15 years?

Solution

Solution

Amount : 19247.65

Solution steps

Translate the problem into an equation:

A = 9000 (1 + \frac{0.051}{4})^{4 \cdot 15}

9000 (1 + \frac{0.051}{4})^{4 \cdot 15} = 19247.64591 \dots

Round to the nearest hundredth:

19247.65

Amount : 19247.65

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Suppose that when your friend was​ born, your​ friend's parents deposited ​9000 in an account paying 5.1​% interest compounded quarterly. What will the account balance be after 15 ​years?

Solution

Solution

Popular Examples

Suppose that when your friend was born, your friend's parents deposited 9000 in an account paying 5.1% interest compounded quarterly. What will the account balance be after 15 years?