Question

I can't have any guess about the answer to the question, I really need help so please no direct answers help me understand how to solve this. Will medal

Muriel opened a savings account with an annual interest rate of 9% and an initial deposit of $4000. If her interest is compounded quarterly, how much is in her account after 6 years? Round your answer to the nearest cent.
interest compounded quarterly: A = P (1 +r/4)4t

Answer:_______

Answer 1

the formula for compound interest paid quarterly is

A = P ( 1 + r/4)^4n

where A is the amount after n years , r = annual rate ( as a decimal) and n = number of years

Oh - i 've just see you have that already!!!

Answer 2

all you need do is plug in n = 6 , r = 0.09 ( which is same as 9%) , P = 4000

Answer 3

@welshfella so is the answer 4000

Answer 4

@Hayhayz
@HaileyD
@imqwerty
@Preetha
@Redcan

Answer 5

@Kainui

Answer 6

Ok A=4000(1+0.09/4)4*6

4000= principal

Percent rate= 9%=0.09

t=time=6

Pretty sure that's how you set it up

Answer 7

so the answer is 98160

Answer 8

@welshfella is he right?

Answer 9

i'll check now

Answer 10

i get 6823.07

Answer 11

I got 42,624.00

Answer 12

I'll go with 6823.07, I really hope this is right

Answer 13

OP another suggestion to solve is use i_a = r/m then you can use F = P*(1+i)^n but your n is in quarters instead of years.

Answer 14

= 4000(1 + 0.0225)^24

Answer 15

wait... We are solving for A or F? llol

Answer 16

yea 6923.07

Answer 17

Nerdykid, did welsh get it right?

Answer 18

solving for the amount after 6 years

Answer 19

Haha I meant A = P(A/P, i, 6)

Answer 20

I don't know yet I'll tell you once I'm done

Answer 21

kk

Answer 22

Welsh can you help me with my question?