SOLUTION: You deposited $5000 in a savings account that has a rate of 11÷ The interest is compounded quarterly. How much money you will have after 9 years?

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Question 417486: You deposited $5000 in a savings account that has a rate of 11÷ The interest is compounded quarterly. How much money you will have after 9 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
You deposited $5000 in a savings account that has a rate of 11÷ The interest is compounded quarterly. How much money you will have after 9 years?
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A(t) = P(1+(r/n))^(nt)
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A(9) = 5000(1+(0.11)/4)^(4*9)
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A(9) = 5000(1.0275)^36 = $13277.49
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Cheers,
Stan H.
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