SOLUTION: Marci invested $4000 in a fund that earns 9% annually and is compounded quarterly. How much will his investment be worth if left untouched for 6 years?

Question 1133332: Marci invested $4000 in a fund that earns 9% annually and is compounded quarterly. How much will
his investment be worth if left untouched for 6 years?

Found 2 solutions by ikleyn, rothauserc:
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.

Future value FV = = 6823.07 dollars.

Answer by rothauserc(4718) (Show Source): You can put this solution on YOUR website!
The compound interest formula is
:
A = P * (1 +r/n)^(t*n), where P is the principle to be invested, r is the rate, n is the number of times the interest is compounded per year, t is time in years and A is the amount after the time plus interest
:
A = 4000 * (1 +0.09/4)^(6*4) = 6823.0663 is approximately 6823.07
:
**********************************************
The investment is worth $6823.06 after 6 years
**********************************************
:

RELATED QUESTIONS
Hannah invested $35,000 in a mutual fund that earns 6% interest per annum compounded... (answered by jorel1380)
$2000 is invested at 10% interest compounded annually. How much will the investment be... (answered by lynnlo)
A principal of is invested at interest, compounded annually. How much will the... (answered by saifoo.khan)
A principal of $4300 is invested at 9% interest, compounded annually. How much will the... (answered by mananth)
I am a little confused about this one. Can someone help me? Investing is an... (answered by KMST)
Part IV: Using Exponential Functions Investing is an important topic for... (answered by rfer)
Company ABC deposits $12,000 in a savings account. The money remains invested for 9 years (answered by Theo)
A young man is the beneficiary of a trust fund established for him 16 yr ago at his... (answered by Earlsdon)
If $240 is invested at an interest rate of 9% a year and is compounded monthly, how much... (answered by Fombitz,amalm06)