Mrs. matthews wants to have $18,000 in the bank in 2 years. if she deposits $9000 today at 6% compounded quarterly for 2 years, how much additional money will she need to reach the desired $18,000?

Step-by-step explanation:

Compounded interest formula is

Where is the principal, is the interest rate in decimal number, is the number of compounded periods within a year and is time in years.

By given, we have

Replacing all values, we have

After 2 years, Mrs. Matthews will have 10,138.43.

So, the difference she needs to reach 18,000 is

Therefore, she needs additionally 7,861.57 to reach the desired 18,000.

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step-by-step explanation: