To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal form, so 4.7% becomes 0.047).
- n is the number of times that interest is compounded per year.
- t is the time the money is invested for in years.

In this case, P = $60,000, r = 0.047, n = 4 (since the interest is compounded quarterly), and t = 11.

Substituting these values into the formula, we get:

A = 60000 (1 + 0.047/4)^(4*11)

Now, we just need to calculate the value of A.

A = 60000 (1 + 0.01175)^(44)
A = 60000 (1.01175)^(44)
A = 60000 * 1.681067

So, A ≈ $100,864.02

Rounding to the nearest hundred dollars, the amount of money in the account after 11 years would be approximately $100,900.

Question

To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal form, so 4.7% becomes 0.047).
- n is the number of times that interest is compounded per year.
- t is the time the money is invested for in years.

In this case, P = $60,000, r = 0.047, n = 4 (since the interest is compounded quarterly), and t = 11.

Substituting these values into the formula, we get:

A = 60000 (1 + 0.047/4)^(4*11)

Now, we just need to calculate the value of A.

A = 60000 (1 + 0.01175)^(44)
A = 60000 (1.01175)^(44)
A = 60000 * 1.681067

So, A ≈ $100,864.02

Rounding to the nearest hundred dollars, the amount of money in the account after 11 years would be approximately $100,900.

Knowee AI · Accepted Answer

To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal form, so 4.7% becomes 0.047).
- n is the number of times that interest is compounded per year.
- t is the time the money is invested for in years.

In this case, P = $60,000, r = 0.047, n = 4 (since the interest is compounded quarterly), and t = 11.

Substituting these values into the formula, we get:

A = 60000 (1 + 0.047/4)^(4*11)

Now, we just need to calculate the value of A.

A = 60000 (1 + 0.01175)^(44)
A = 60000 (1.01175)^(44)
A = 60000 * 1.681067

So, A ≈ $100,864.02

Rounding to the nearest hundred dollars, the amount of money in the account after 11 years would be approximately $100,900.

Austin invested $60,000 in an account paying an interest rate of 4.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 11 years?

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