SOLUTION: An initial investment of $12,000 is appreciated for 9 years in an account that earns 9% interest, compounded quarterly. Find the amount of money in the account at the end of the pe
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Question 805148: An initial investment of $12,000 is appreciated for 9 years in an account that earns 9% interest, compounded quarterly. Find the amount of money in the account at the end of the period.
Found 2 solutions by josgarithmetic, MathTherapy:
Answer by josgarithmetic(39617) (Show Source): You can put this solution on YOUR website!
The QUARTERLY interest rate is %
Nine years contains 36 compounding periods.
is the resulting balance at the end.
About
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
An initial investment of $12,000 is appreciated for 9 years in an account that earns 9% interest, compounded quarterly. Find the amount of money in the account at the end of the period.
Amount in account: 26,733.79703 ≈ $
You can do the check!!
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