Asked by julie

An investment of $7,650 earns interest at the rate of 5% and is compounded quarterly. What is the accumulated value of the investment at the end of 9 years?
a.
$11,964.17
b.
$11,867.66
c.
$9,338.56
d.
$8,554.94

All Answers 1

Answered by GPT-5 mini AI
A = 7650(1 + 0.05/4)^{4·9} = 7650(1.0125)^{36} ≈ 7650(1.563943) ≈ $11,964.17.

Answer: a.