Austin invested $60,000 in an account paying an interest rate of 4.7% compounded
quarterly. Assuming no deposits or withdrawals are made, how much money, to the
nearest hundred dollars, would be in the account after 11 years?

When an account in compounded quarterly, it means that both the amount invested and the interest already earned increases in value four times in a year.

The formula for calculating future value:

FV = P (1 + r)^nm

FV = Future value
P = Present value
R = interest rate = 4.7% / 4 = 1.175%
m = number of compounding
N = number of years

60,000(1.01175)^(11 X 4) = $100,316.56

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Austin invested $60,000 in an account paying an interest rate of 4.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 11 years?

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What would be in the account in 11 years?

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Austin invested $60,000 in an account paying an interest rate of 4.7% compounded
quarterly. Assuming no deposits or withdrawals are made, how much money, to the
nearest hundred dollars, would be in the account after 11 years?