Suppose $1750 is put into an account that pays an annual rate of 4.5%
1 answer:
Answer:
There will be $2288.98 in the account after 6 years
Step-by-step explanation:
We are given that $1750 is put into an account that pays an annual rate of 4.5% compounded quarterly.
So, Principal = $1750
Rate of interest = 4.5%
No. of compounds per year = 4
Time = 6 years
Formula :
Where A = Amount
P = Principal
r = rate of interest
n = no. of compounds per year
t = time
Substitute the values in the formula :
A=2288.98
Hence There will be $2288.98 in the account after 6 years
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