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) About Me  (Show Source):
You can put this solution on YOUR website!
The QUARTERLY interest rate is 9%2F4=2.25 %
Nine years contains 36 compounding periods.

12000%2A%281.025%29%5E36 is the resulting balance at the end.

About %282.4325%29%2A%2812000%29=29190

Answer by MathTherapy(10552) About Me  (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 ≈ $highlight_green%2826733.80%29

You can do the check!!

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