# Find the final amount of money in an account if

$

6

,

300

is deposited at

2.5

%

interest compounded quarterly (every 3 months) and the money is left for

9

years.

## 9 years is 36 quarters at 2.5/4 = 0.625 %

every quarter multiply by 1.00625

6,300 * 1.00625^36 = 6,300 * 1.251446136 = 7884.11

## To find the final amount of money in the account, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:

A = the final amount of money

P = the initial deposit (principal)

r = the interest rate (expressed as a decimal)

n = the number of times the interest is compounded per year

t = the number of years

In this case, the initial deposit (P) is $6,300, the interest rate (r) is 2.5% (or 0.025 as a decimal), the interest is compounded quarterly (n = 4), and the money is left for 9 years (t = 9).

Substituting these values into the formula, we have:

A = 6300(1 + 0.025/4)^(4 * 9)

Now we can calculate the final amount A.

## To find the final amount of money in the account, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:

A is the final amount of money

P is the principal amount (initial deposit)

r is the annual interest rate (expressed as a decimal)

n is the number of times interest is compounded per year

t is the number of years

In this case, the principal amount P is $6,300, the annual interest rate r is 2.5% (or 0.025 expressed as a decimal), and the interest is compounded quarterly (n = 4). The money is left in the account for 9 years (t = 9).

Substituting the values into the formula, we get:

A = 6300(1 + 0.025/4)^(4*9)

Now we can calculate the final amount.