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Jeremy invests $8,500 into an account with a 2.4% interest rate that is compounded quarterly. How much money will be in this account after 6 years? Round your answer to the near…

Jeremy invests $8,500 into an account with a 2.4% interest rate that is compounded quarterly. How much money will be in this account after 6 years? Round your answer to the near…
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3 votes
Jeremy invests $8,500 into an account with a 2.4% interest rate that is compounded quarterly. How much money will be in this account after 6 years?

Round your answer to the nearest cent. Do NOT round until you have calculated the final answer.

User Vargen
by
9.3k points

1 Answer

3 votes

Answer:

9812.29

Explanation:

Using the compound interest formula,


8500 \left(1+(0.024)/(4) \right)^((6)(4)) \approx 9812.29

User Serenesat
by
7.8k points
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