compounding interest

Question

At the time of her grandson's birth, a grandmother deposited $9,000 in an account. The account was paying 3.0% interest compounded monthly.
a. If the rate did not change, what was the value of the account after
19 years?
b. If the money had been invested at 3.0% compounded quarterly, what would the value of the account have been after 1919 years?
a. The value of the account will be
b. The value of the account will be

Answer 1

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

A = 9000(1+.03/12)¹²⁽¹⁹⁾

A = 9000(1+.0025)²²⁸

A = 9000(1.0025)²²⁸

A = 9000(1.767)

A = $15,903.09

 

For part b, replace t with 1919.