Question

Suppose that $2000 is invested at a rate of 3.2%, compounded quarterly. Assuming that no withdrawals are made, find the total amount after 9 years.
Do not round any intermediate computations, and round your answer to the nearest cent.

Answer 1

Answer:

$2664.46

Step-by-step explanation:

2000(1+(0.032)/4)^(4*9)

1+0.008 = 1.008^36 = 1.33222983678... * 2000 = 2664.45967357...

≈ $2664.46