SOLUTION: Find the future amount if $1900 is deposited at 8% compounded quarterly for 9 years. I dont know how to solve please put all steps!

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: Find the future amount if $1900 is deposited at 8% compounded quarterly for 9 years. I dont know how to solve please put all steps!      Log On


   

Question 608913: Find the future amount if $1900 is deposited at 8% compounded quarterly for 9 years. I dont know how to solve please put all steps!
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi

 $1900 is deposited at 8% compounded quarterly for 9 years. 

In General A+=+P%281%2Br%2Fn%29%5Ent

A = Accumulated Amount

P= principal = $1900

r= annual rate = .08

n= periods per year = 4

t= years = 9

A+=+1900%281%2B.08%2F4%29%5E%284%2A9%29

A+=+1900%281.02%29%5E36 = $3875.79