1200$ invested at a rate of 3.5% compounded quarterly; 4 years
1 answer:
Step-by-step explanation:
<em>1st year</em>:
(1200 x 3.5 x 1) ÷ 100 = $42
<em>2nd year:</em>
(1242 x 3.5 x 1) ÷ 100= $43.47
<em>3rd year:</em>
(1285.47 x 3.5 x 1) ÷ 100= $44.99≈ $45
<em>4th year:</em>
(1330.47 x 3.5 x 1) ÷ 100= $46.56
Compound interest:
$(42 + 43.47 + 45 + 46.56)
=<u>$ 177.03</u>
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