Question

There is a deposit of $9000 in an account that pays 1.46% annual interest. How do you find the balance after 3 years when the interest is compounded quarterly.

Answer 1

To set this up, use the function f(x) = a(b)^x
where a is the starting value ($9000 in this case)
where b is the rate of change (1.46% would be (1+0.0146) in this case)
and x is the amount of time.
insert value into the equation to get
f(x) = 9000(1+0.0146)^3
and your answer would be
$9399.98