Question 715913: Seven and a half years ago, Chris invested $10,000 in a retirement fund that grew at the rate of 9.22%/year compounded quarterly. What is his account worth today? (Round your answer to the nearest cent.)
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Seven and a half years ago, Chris invested $10,000 in a retirement fund that grew at the rate of 9.22%/year compounded quarterly. What is his account worth today?
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A(t) = P(1+(r/n))^(nt)
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A(7.5) = 10,000(1+(0.0922/4))^(4*7.5)
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A(7.5) = 10000(1.02305)^(30)
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A(7.5) = 10000(1.981097) = $19,810.97
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Cheers,
Stan H.
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