Colin opened a savings account and deposited 2,749.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 9 years?

Solution

Colin opened a savings account and deposited 2, 749.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 9 years?

Solution

Amount : 7299.96

Solution steps

Translate the problem into an equation:

A = 2749 (1 + \frac{0.11}{4})^{4 \cdot 9}

2749 (1 + \frac{0.11}{4})^{4 \cdot 9} = 7299.96267 \dots

Round to the nearest hundredth:

7299.96

Amount : 7299.96

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