Problema Solution
Use formula to find how much will be in acccount after the given years and how much interest was earned in that period.
Principle: $9000
Rate: 6%
compounding periods per year: 4
Time: 4 years
A=P(1+ R/N)^NT
Answer provided by our tutors
Account = P(1+ R/N)^NT = 9000*(1+6%/4)^16 = $11420.86
Interest = A-P = $11420.86 - $9000 = $2420.86