Question

Four and a half years ago, Chris invested $10,000 in a retirement fund that grew at the rate of 3.32%/year compounded quarterly. What is his account worth today? (Round your answer to the nearest cent.)

Answer 1

his account worth today $11604.21

Step-by-step explanation:

given data

investment = $10000

rate = 3.32 %

time = Four and a half years = 18 quarterly

solution

we get here amount that is express as

amount = principal × (1+\frac{r}{n})^{nt} ..........................1

put here value and we get

amount = $10000 × (1+\frac{0.0332}{4})^{18}

amount = $11604.21