JAH111
Answered

find the balance in the account. $2,500 principal earning 4%, compounded quarterly, after 4 years

Verified Answer :

BunnyKing123

Formula:
A(t)=P(1+(r/n))^)nt)

A(4)=2500(1+(0.04/4))^(44)
A(4) = 2500(1.01)^16
A(4) = 25001.1726
A(4) = $2931.45

Answer:

$2941.45 will be the balance.

Step-by-step explanation:

Formula to find the final amount after 4 years with compound interest is

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= 2500×1.173 = $2931.45

Therefore $2931.45 is the final amount.

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