Answer:
Future amount = $3,443 (Approx)
Step-by-step explanation:
Given:
Amount invested(P) = $2,250
Interest rate (r) = 4.6% (Compounded quarterly) = 4.6% / 4 = 0.0115
Number of year (n) = 9 years = 9×4 = 36 quarter
Find:
Future amount = ?
Computation:
[tex]Future\ amount =P(1+r)^n\\\\ Future\ amount =2,250(1+0.0115)^{36}\\\\ Future\ amount =2,250(1.0115)^{36}\\\\ Future\ amount =2,250(1+0.0115)^{36}\\\\Future\ amount =3,442.5[/tex]
Future amount = $3,443 (Approx)
