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marta [7]
3 years ago
8

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

Mathematics
2 answers:
Rus_ich [418]3 years ago
6 0
Formula:
A(t)=P(1+(r/n))^)nt)

A(4)=2500(1+(0.04/4))^(4*4)
A(4) = 2500(1.01)^16
A(4) = 2500*1.1726
<span>A(4) = $2931.45</span>
oee [108]3 years ago
3 0

Answer:

$2941.45 will be the balance.

Step-by-step explanation:

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

A=A_{0}[1+\frac{r}{n}]^{nt}=2500[1+.04/4]^{4.4}=2500(1.01)^{16}

= 2500×1.173 = $2931.45

Therefore $2931.45 is the final amount.

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