A deposit of $2500 is made in an account that earns 6% interest compounded quarterly. The balance after n quarters is given by the following sequence. Find the balance in the account after 9 years.

an=2500(1+.06/4)^n n=1,2,3,....

round to the nearest cent.

Question

A deposit of $2500 is made in an account that earns 6% interest compounded quarterly. The balance after n quarters is given by the following sequence. Find the balance in the account after 9 years.

an=2500(1+.06/4)^n   n=1,2,3,....

round to the nearest cent.

anonymous · Answer

For this problem all it looks like you have to do is put 9 into n and when you do that you get 2858.47 dollars. i hope that helps.

anonymous · Answer

I tried just substituting for n with the last problem and it was wrong. So I know that it won't be the solution to this problem either.

anonymous · Answer

ok tell me one thing how many quaters are their in one year ??

anonymous · Answer

4

anonymous · Answer

ok in 9 years how many quaters ???

anonymous · Answer

36

anonymous · Answer

2500(1+.06/4)^n
therefore in this equation what you will plug in 
n = ???

anonymous · Answer

n=36?

anonymous · Answer

yeah you are right

anonymous · Answer

that looks like it should be the right answer, thanks!

anonymous · Answer

that was correct, thanks!

anonymous · Answer

welcome....