Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Discover in-depth answers to your questions from a wide network of experts on our user-friendly Q&A platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Gordon invested $77,000 into a CD compounded quarterly with an annual interest
rate of 6.30%. Determine how much money Gordon would have after 9 years.
Round your answer to the nearest cent. Provide only a numerical answer (For
example, if the final amount came to $5,023.97, then you would input 5023.97).
Your Answer:
Answer


Sagot :

Answer:

$135,150.18

Step-by-step explanation:

We're gonna use the quarterly compound interest formula: P = A(1 + r/4)⁴ⁿ

P = final amount (?)

A = starting amount (77,000)

r = rate (0.063)

n = years (9)

P = 77000(1 + 0.063/4)⁴ ˣ ⁹

P = 77000(1 + 0.063/4)³⁶

P = 77000(1.01575)³⁶

P = 77000(1.7551972)

P = 135,150.1844

Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.