Question

Jeremy invests $8,500 into an account with a 2.4% interest rate that is compounded quarterly. How much money will be in this account after 6 years?

Round your answer to the nearest cent. Do NOT round until you have calculated the final answer.

Answer 1

9812.29

Explanation:

Using the compound interest formula,

`8500 \left(1+(0.024)/(4) \right)^((6)(4)) \approx 9812.29`