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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