Felicia invested $25,000 into account earning 3% annual interest compounded quarterly She makes no other deposits into the account and does not withdraw money what is the balance of felicia account in 9 years

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29-11-2017
Mathematics

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Felicia invested $25,000 into account earning 3% annual interest compounded quarterly She makes no other deposits into the account and does not withdraw money what is the balance of felicia account in 9 years

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martinmuriungik martinmuriungik · Answer 1 · 2017-11-29T16:33:28+01:00

martinmuriungik martinmuriungik

29-11-2017

we use this formula
amount=p(1+r/n)^nt
in our case
p=25000
r=3%
n=4
t=9
we use this to solve our equation
amount=25000(1+0.03/4)^4*9
=2500(1.0075)^36
=$32,716.134272913341

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jbro1196 jbro1196 · Answer 2 · 2021-11-16T04:33:36+01:00

jbro1196 jbro1196

16-11-2021

Answer:

$32,716.13

Step-by-step explanation:

just took the quiz this is the answer.

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