# Math

posted by .

Suppose that you invest \$6384 in an account that earns interest at an APR of 4.6%, compounded monthly. Determine the accumulated balance after 9 years.

• Math -

i = .046/12 = .0038333..
n = 9(12) = 108

amount = 6384(1.0038333..)^108 = \$9650.44

## Similar Questions

1. ### Compound math

(Future Value) Suppose you invest \$8000 into an account that pays an annual interest rate of 6.2%. How much is in the account after 30 years if a. simple interest is compound monthly?
2. ### math

A deposit of \$2,000 earns interest at a rate of 14% compounded quarterly. After two and a half years the interest rate changes to 13.5% compounded monthly. How much is in the account after six years?
3. ### math

Suppose that you invest \$1583 in an account that earns interest at an APR of 6.7%, compounded continuously. Determine the accumulated balance after 6 years.
4. ### math

Suppose that you have \$12,500 to invest over a 4 year period. There are two accounts to choose from: 4.5% compounded monthly or 4.3% compounded continuously. a. Write the formula for the first accountâ€™s compound interest for n compounding …
5. ### Algebra

Show how you substitute the values into the formula, then use your calculator. *Use A = P(1+r/n)nt to find the amount of money in an account after t years, compounded n times per year. *Use I = Prt to find the amount of simple interest …
6. ### math

Compound Interest Question James has 10,000 to invest. If he invest money in a savings account that pays 4% APR, calculate the following: a) how long will it take to have a total of 15,000 if interest is compounded quarterly (3months)?
7. ### Math

James has 10,000 to invest. If he invest money in a savings account that pays 4% APR, calculate the following: a) how long will it take to have a total of 15,000 if interest is compounded quarterly (3months)?
8. ### math

Investor A deposits 1,000 into an account that earns an interest rate of 6% per annum compounded semi-annually. On the same date, Investor B deposits 800 into an account that earns an interest rate of 8% per annum compounded monthly. …
9. ### Math

Determine the balance if you were to invest 10,000 at an APR of 9% compounded monthly for seven years.