The amount of money in the account if compounded quarterly at 6% after 9 years is $22,217
Compound interest
- Principal, P = $13,000
- Time, t = 9 years
- Interest rate, r = 6% = 0.06
- Number of periods, n = 4
A = P(1 + r/n)^nt
= 13,000(1 + 0.06/4)^4×9
= 13,000(1 + 0.015)^36
= 13,000(1.015)^36
= 13000(1.709)
= $22,217
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