Question

$750 are deposited into an account quarterly for six years at an interest rate of 5.3% compound quarterly. how much is in the account at the end of the 6 years?

Answer 1

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

P = principal amount
r = rate in decimals
n = number of tim s interest is compounded/year
t = # of years amount is deposited or borrowed for

A = 750 (1 + .053/4)^4(6)

A = $1028.63