Solve the problem. Round to the nearest cent.

Mrs. Stevens wants to have $18,000 in the bank in 3 years. If she deposits $9500 today at 4% compounded quarterly for 3

years, how much additional money will she need to add after three years to her investment to make her balance $18000?

a $8356.79

$7295.16

b. SO

d $10,704.84

Question

Ray Fitzgerald

Mathematics

21 October, 17:36

Solve the problem. Round to the nearest cent.

Mrs. Stevens wants to have $18,000 in the bank in 3 years. If she deposits $9500 today at 4% compounded quarterly for 3

years, how much additional money will she need to add after three years to her investment to make her balance $18000?

a $8356.79

$7295.16

b. SO

d $10,704.84

+1

Answers (1)

Know the Answer?

Carolina Duffy · Answer 1

13,440 because you multiply 9500 by 4% and get 380 multiply that by 4 because it is quarterly then multiply by 3 because it is for three years that gives you 4560 so do 18000-4560.