SOLUTION: Ian invested $9613 in an account at 11% compounded quarterly. Calculate the total investment after 8 years. Round your answer to the nearest penny if necessary

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Question 940022: Ian invested $9613 in an account at 11% compounded quarterly. Calculate the total investment after 8 years. Round your answer to the nearest penny if necessary
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Principal P = 9613
Amount= A
years=n 8.00
compounded 4 times a year t
Rate = 11.00 0.11
Amount = P*((n+r)/n)^n*t

Amount = = 9613 *( 1 + 0.11 /t)^ 8 * 4
Amount = 9613 *( 1 + 0.03 )^ 32
9613 *( 1.03 )^ 32
Amount = 22902.22