if $750 are deposited into an account with a 9% interest rate, compounded quarterly, what is the balance…

if $750 are deposited into an account with a 9% interest rate, compounded quarterly, what is the balance after 12 years?\nf = $?\nf = p(1 + \\frac{r}{n})^{nt}\nround to the nearest cent.

if $750 are deposited into an account with a 9% interest rate, compounded quarterly, what is the balance after 12 years?\nf = $?\nf = p(1 + \\frac{r}{n})^{nt}\nround to the nearest cent.

Answer

Explanation:

Step1: Identify the values

$P = 750$, $r=0.09$, $n = 4$ (quarter - ly compounding), $t = 12$

Step2: Substitute into the formula

$F=P(1 +\frac{r}{n})^{nt}=750(1+\frac{0.09}{4})^{4\times12}$

Step3: Calculate the exponent

$4\times12 = 48$, and $\frac{0.09}{4}=0.0225$ So $F = 750(1 + 0.0225)^{48}$

Step4: Calculate the value inside the parentheses to the power

$(1 + 0.0225)^{48}\approx2.932834$

Step5: Calculate the final value of $F$

$F=750\times2.932834\approx2199.63$

Answer:

$2199.63$