Question

Felicia invested $25,000 into account earning 3% annual interest compounded quarterly She makes no other deposits into the account and does not withdraw money what is the balance of felicia account in 9 years

Answer 1

We use this formula
amount=p(1+r/n)^nt
in our case
p=25000
r=3%
n=4
t=9
we use this to solve our equation
amount=25000(1+0.03/4)^4*9
            =2500(1.0075)^36
            =$32,716.134272913341