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25 September, 12:06

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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  1. 25 September, 12:26
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    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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