Solve for x.
-How much money will Lyle have in 6 years is he invests $\$ 9000$ at $17 \%$ annual rate of interest compounded quarterly? How much will he have if it is compounded monthly? Use the interest formula $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { n } t }$. Round the answers to the nearest cent.
A) $\$ 9964.30$ when compounded quarterly
$\$ 9965.73$ when compounded monthly
B) $\$ 24,438.13$ when compounded quarterly
$\$ 67,279.74$ when compounded monthly
C) $\$ 9964.30$ when compounded quarterly
$\$ 24,780.75$ when compounded monthly
D) $\$ 24,438.13$ when compounded quarterly
$\$ 24,780.75$ when compounded monthly

Question

Solve for x.
-How much money will Lyle have in 6 years is he invests $\$ 9000$ at $17 \%$ annual rate of interest compounded quarterly? How much will he have if it is compounded monthly? Use the interest formula $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { n } t }$. Round the answers to the nearest cent.
A) $\$ 9964.30$ when compounded quarterly
$\$ 9965.73$ when compounded monthly
B) $\$ 24,438.13$ when compounded quarterly 
 $\$ 67,279.74$ when compounded monthly
C) $\$ 9964.30$ when compounded quarterly
 $\$ 24,780.75$ when compounded monthly 
D) $\$ 24,438.13$ when compounded quarterly
$\$ 24,780.75$ when compounded monthly

Quizplus · Accepted Answer

Using the formula $A = P\left(1 + \frac{r}{n}\right)^{nt}$, where $P = 9000$, $r = 0.17$, and $t = 6$, we calculate for both quarterly and monthly compounding. For quarterly compounding, $n = 4$, so $A = 9000\left(1 + \frac{0.17}{4}\right)^{4*6}$, which gives approximately \$24,438.13. For monthly compounding, $n = 12$, so $A = 9000\left(1 + \frac{0.17}{12}\right)^{12*6}$, which gives approximately \$24,780.75.

Solve for X $9000\$ 9000$9000 At 17%17 \%17% Annual Rate of Interest Compounded Quarterly? How Much Will He

Solve for X $\$ 9000$ At $17 \%$ Annual Rate of Interest Compounded Quarterly? How Much Will He