Find solutions to your problems with the help of IDNLearn.com's knowledgeable users. Whether your question is simple or complex, our community is here to provide detailed and trustworthy answers quickly and effectively.
Answer:
$10,667.66
Step-by-step explanation:
The formula for calculating the compound interest is expressed as:
A = P(1+r/n)^nt
P is the principal = $9000
r is the rate = 3%
time t = 6years
n = 1/4
Substitute
A = 9000(1+0.03/(1/4))^6/4
A = 9000(1+0.03(4))^1.5
A = 9000(1+0.12)^1.5
A = 9000(1.12)^1.5
A = 9000(1.1853)
A = 10,667.67
Hence the amount after 6 years is $10,667.66