Question

Find the amount in an account if $1,220 is invested at 9% compounded quarterly, for 17 years.

Answer 1

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$1220\\ r=rate\to 9\%\to (9)/(100)\dotfill &0.09\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, thus four} \end{array}\dotfill &4\\ t=years\dotfill &17 \end{cases} \\\\\\ A=1220\left(1+(0.09)/(4)\right)^(4\cdot 17)\implies A=1220(1.0225)^(68)\implies A\approx 5539.43`