# algebra

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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 -

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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