Lexi is saving up money to buy a car. Lexi puts $10,000.00 into an account which earns 3% interest, compounded quarterly. How much will she have in the account after 9 years?

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Alexpiers · Answer 1 · 2024-09-01T09:09:32+0000

Answer: 13086.45

Step-by-step explanation: 10000(1+0.03/4)^36

First, convert R as a percent to r as a decimalr = R/100r = 3/100r = 0.03 rate per year,Then solve the equation for AA = P(1 + r/n)ntA = 10,000.00(1 + 0.03/4)^(4)(9) A = 10,000.00(1 + 0.0075)^(36) A = $13,086.45 Summary:The total amount accrued, principal plus interest, with compound interest on a principal of $10,000.00 at a rate of 3% per year compounded 4 times per year over 9 years is $13,086.45.

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Lexi is saving up money to buy a car. Lexi puts $10,000.00 into an account which earns 3% interest, compounded quarterly. How much will she have in the account after 9 years?

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