Jocelyn invested $8,600 in an account paying an interest rate of 3.1% compounded quarterly. Assuming no deposits or withdrawals
are made, how much money, to the nearest hundred dollars, would be in the account after 15 years?
1 answer:
A = P*(1 +r/n)^(n*t)
A = $8,600*(1 +.031/4)^(4*15)
A ≈ $13,700
About $13,700 will be in Jocelyn's account after 15 years.
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