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Chelsea invested %5600 at a rate of 3.6% compounded quarterly. Write a compound interest function to model the situation. Then find the balance after 6 years.

Chelsea invested %5600 at a rate of 3.6% compounded quarterly. Write a compound interest function to model the situation. Then find the balance after 6 years.
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Chelsea invested %5600 at a rate of 3.6% compounded quarterly. Write a compound interest function to model the situation. Then find the balance after 6 years.

User Muhammad Asyraf
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1 Answer

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3.6% compounded quarterly=.036/4=0.009 per period
FV=5600(1+.009)^4y where FV=future value, and y is time, in years. So:
FV(6)=5600(1.009)^4(6)=5600(1.009)^24=$6943.46
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User Torvon
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