Question

HELP! Anything could, I'm just stuck on this problem.

Felicia invested $25000 into an account earning 3% annual interest compounded quarterly. She makes not other deposits into the account and does not withdraw any money.
What is the balance of Felicia's account in 9 years.

○$25,759.92
○$26,148.50
○$31,752.78
○$32,716.13

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 &\$25000\\ r=rate\to 3\%\to (3)/(100)\dotfill &0.03\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, thus four} \end{array}\dotfill &4\\ t=years\dotfill &9 \end{cases} \\\\\\ A=25000\left(1+(0.03)/(4)\right)^(4\cdot 9)\implies A=25000(1.0075)^(36)\implies A\approx 32716.13`