Problema Solution
Use the compound interest formula to compute the total amount after $3500 is invested at 4% over 9 years compounded quartley. Then compute interest.
Answer provided by our tutors
The compound interest formula is: A=P(1+r/n)^nt
For this problem,
P=3500
r=0.04
n=4
t=9
A=3500(1+0.04/4)^(4*9)
= $5007.69