Question

Bovine deposits $7,000 into an investment that pays 4% interest compounded quarterly. if she leaves it in the account for 9 years what is her balance

Answer 1

2520

Explanation:

I'm not so sure if this is correct, but.. here is how I got it.

I simply found 4% of $7,000. (Which was 280) and since it said that it was for nine years, I multiplied 280 times 9. I hope this is correct! Please bare with me if its not correct!

I also go another answer... 1120. I got this by finding 4% of $7,000 (Again, which was 280.) And then I multiplied it by 4 because it says it was quarterly.

SORRY IF IM WRONG.

You should also try multiplying 1120 by 9, because that is a quarter and its times 9.