Anya's parents will have $44,440.71 after 6 years if they invested in a bank.
The interest rate given is an annual rate yet will be compounded quarterly. You therefore need to convert the interest rate to a quarterly rate.
= 4% / 4 quarters
= 1% per quarter
Number of periods:
= Number of years x Number of quarters in year
= 6 x 4
= 24 quarters
The amount they will have in their account is:
<em>= Amount x ( 1 + rate) ^ number of periods </em>
= 35,000 x ( 1 + 1%)²⁴
= $44,440.71
In conclusion, they will have $44,440.71 if they invested their money in a bank for 6 years.
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