Felicia invested $25,000 into an account earning 3% annual interest compounded quarterly. she makes no other deposits into the account and does not withdraw any money. what is the balance of felicia's account in 9 years?

Answer

Balance of Felicia's account in 9 years be $32717.5 .

Explanation :

Formula

Where P is the principle , r is the rate of interest in the decimal form and t in the time in the years .

As given

Felicia invested $25,000 into an account earning 3% annual interest compounded quarterly for 9 years .

As

P = $25000

3% is written in the decimal form.

= 0.03

t = 3 years

Putting all the values in the formula

Therefore the balance of Felicia's account in 9 years be $ 32717.5 .

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

now clearing the formula to solve for capital we got:

and we reach the answer investment = $14,174.20