your friend deposits $9500 in an investment account that earns 2.1% annual interest. what is the balance after 11 years when the
interest is compounded quarterly?
1 answer:
Answer:
The answer is "$ 11,961.43"
Step-by-step explanation:
Given values:
P = $ 9500
r= 2.1 %
time (t)= 11 year
total quarterly year =4
Formula:
![A= P (1+\frac{r}{n})^{nt}\\\\](https://tex.z-dn.net/?f=A%3D%20P%20%281%2B%5Cfrac%7Br%7D%7Bn%7D%29%5E%7Bnt%7D%5C%5C%5C%5C)
quarterly time = ![4 \times 11](https://tex.z-dn.net/?f=4%20%5Ctimes%2011)
![= 44](https://tex.z-dn.net/?f=%3D%2044)
![A= P (1+\frac{r}{n})^{nt}\\\\](https://tex.z-dn.net/?f=A%3D%20P%20%281%2B%5Cfrac%7Br%7D%7Bn%7D%29%5E%7Bnt%7D%5C%5C%5C%5C)
![A = 9500 ( 1+ \frac{0.021}{4})^{44}\\\\A = 9500(\frac{4+ 0.021}{4} )^{44} \\\\A = 9500(\frac{4.021}{4} )^{44} \\\\A= 9500 (1.00525)^{44}\\\\A= 9500(1.25909819)\\\\A= 11,961. 43\\](https://tex.z-dn.net/?f=A%20%3D%209500%20%28%201%2B%20%5Cfrac%7B0.021%7D%7B4%7D%29%5E%7B44%7D%5C%5C%5C%5CA%20%3D%209500%28%5Cfrac%7B4%2B%200.021%7D%7B4%7D%20%29%5E%7B44%7D%20%5C%5C%5C%5CA%20%3D%209500%28%5Cfrac%7B4.021%7D%7B4%7D%20%29%5E%7B44%7D%20%5C%5C%5C%5CA%3D%209500%20%281.00525%29%5E%7B44%7D%5C%5C%5C%5CA%3D%209500%281.25909819%29%5C%5C%5C%5CA%3D%2011%2C961.%2043%5C%5C)
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Hope this helps!