1460 will be in the account after 9 years
Explanations:Let the amount put into the account be P
P = 600.00
The interest rate, r = 10% = 0.1
The number of years, t = 9
The interest is compounded quarterly
There are four quarters in a year, n = 4
The amount, A, in the account at the end of the 9 years will be given by the formula:
[tex]\begin{gathered} \text{A = P(1 + }\frac{r}{n})^{nt} \\ \end{gathered}[/tex]Substitute the value of P, r, t, and n into the formula:
[tex]\begin{gathered} A\text{ = 600(1 + }\frac{0.1}{4})^{4(9)} \\ A\text{ = 600(1 + }0.025)^{36} \\ A=600(1.025)^{36} \\ A\text{ = 600(}2.433) \\ A\text{ = }1459.8 \end{gathered}[/tex]1460 will be in the account after 9 years
