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Ian invested $90,000 in an account paying an interest rate of 2. 6% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after
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29 votes
29 votes
Ian invested $90,000 in an account paying an interest rate of 2. 6% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 7 years?.

User Fazle Rabbi
by
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1 Answer

13 votes
13 votes

Answer:

$94176

Step-by-step explanation:

Amount in 7 years = $90000 * (1 + 0.026/4)^7

Amount in 7 years = $94176

User Randomsock
by
2.3k points
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