Homework Help: algebra

Posted by Daniel on Saturday, November 26, 2011 at 10:07pm.

Find the ending balance in an account that opens with $6,000, earns 4.5% interest compounded quarterly, and is held for 10 years. (Round your answer to the nearest cent.)

algebra - Henry, Sunday, November 27, 2011 at 3:48pm
Pt = Po(1+r)^n.

r=(4.5%/4) / 100% = 0.01125=Quarterly %
rate expressed as a decimal.

n = 4comp./yr * 10yrs = 40 Compounding
periods.

Pt = $6000(1.01125)^40 = $9386.26.

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