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

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

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(39630) 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(10557) 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!!

Send comments, “thank-yous,” and inquiries to “D” at MathMadEzy@aol.com. Further help is available, online or in-person, for a fee, obviously.

For FREE info and answers to questions about the ASVAB exam, the NYS 3 – 8 city/state wide exams, GENERAL MATH QUESTIONS, MATH HOMEWORK QUESTIONS, or MATH QUESTIONS related to the Regents Integrated Algebra, Regents Geometry, Regents Algebra 2/Trigonometry, SHSAT, COOP/HSPT/TACHS, PSAT, SAT, ACT, SSAT/ISEE, GRE, CLEP, and the GED, you can visit: http://asvabstudyzone.freeforums.net/.