Suppose that when your friend was born, your friend's parents deposited $9000 in an account paying 3.6% interest compounded quarterly. What will the account balance be after 13years?
where "n" is the number of compounding periods per year. Total = Principal * ( 1 + rate/n) ^ n*years Total = 9,000 * (1 + (.036/4))^4 *13 Total = 9,000 * (1.009)^52 Total = 9,000 *
1.59345808583043
Total =
14,341.12
