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Suppose that when your friend was​ born, your​ friend's parents deposited ​$9000 in an account paying 3.4% interest compounded quarterly. What will the account balance be after 13 ​years?

 Apr 3, 2019
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Each quarter will be a period.

Periodic interest (i) will be   .034/4 = .0085

Periods (n) will be 13 yrs x 4 qtr/yr = 52 periods

      FV = PV (1+i)^n  = 9000( 1+.0085)^52  =$ 13976.221

 Apr 4, 2019

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