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Dwayne puts $200.00 into an account to use for school expenses. The account earns 9% interest, compounded quarterly. How much will be in the account after 4 years? nt 1 Use the formula A = P 1 + where A is the balance (final amount), P is the principal (starting n amount), r is the interest rate expressed as a decimal, n is the number of times per year that the interest is compounded, and t is the time in years. Round your answer to the nearest cent.

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Solution

For this case we can use the following formula:

[tex]A=P(1+\frac{r}{n})^{nt}[/tex]

where:

P= 200

r= 0.09

n = 4

t= 4

And solving we got:

[tex]A=200(1+\frac{0.09}{4})^{4\cdot4}=285.52[/tex]

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