How much money will you have in 5 years if you invest $9000 at a 5.4% annual rate of interest compounded quarterly? How much will you have if it is compounded monthly? SHOW YOUR WORK PLEASE:)

Amount in 5 years( if compounded quarterly) = $11,768.40

Amount in 5 years( if compounded monthly = $11782.54

Step-by-step explanation:

Formula for accumulated amount in t years at annual rate of r% compounded quarterly:

Formula for accumulated amount in t years at annual rate of r% compounded monthly: , where P= principal amount.

Given: P= $9000, r= 5.4%= 0.054, t= 5 years

Amount in 5 years if compounded quarterly =

i.e. Amount in 5 years( if compounded quarterly) = $11,768.40

Amount in 5 years if compounded monthly =

i.e.  Amount in 5 years( if compounded monthly = $11782.54

answer: 590

step-by-step explanation: