document.write( "Question 1102878: Three and a half years ago, Chris invested $10,000 in a retirement fund that grew at the rate of 9.54%/year compounded quarterly. What is his account worth today? (Round your answer to the nearest cent.) \n" ); document.write( "

Algebra.Com's Answer #717589 by Theo(13342) $\"\"$ $\"About$

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f = p * (1+r)^n\r
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\n" ); document.write( "\n" ); document.write( "f is the future value
\n" ); document.write( "p is the present value
\n" ); document.write( "r is the interest rate per time period.
\n" ); document.write( "n is the number of time periods.\r
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\n" ); document.write( "\n" ); document.write( "in your problem.\r
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\n" ); document.write( "\n" ); document.write( "f = what you want to find
\n" ); document.write( "p = 10,000
\n" ); document.write( "r = 9.54% / 100 = .0954 / 4 compounding periods per year = .02385 per quarter.
\n" ); document.write( "n = 3.5 years * 4 compounding periods per year = 14 quarters.\r
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\n" ); document.write( "\n" ); document.write( "equation becomes f = 10,000 * (1 + .02385) ^ 14\r
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\n" ); document.write( "\n" ); document.write( "solve for f to get f = 13,909.40923 = 13,909.41 rounded to the nearest penny.\r
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\n" ); document.write( "\n" ); document.write( "10,000 is entered into the formula without the comma.
\n" ); document.write( "comma is added to the output to make it more readable.\r
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