liam deposits $2400 into an account that earns 8.3% interest compounded quarterly. how much money will liam have in 5 years.
2 answers:
Answer:
Total = 2,400 * (1 + (.083/4))^4*5
Total = 2,400 * (1.02075)^20
Total = 2,400 * 1.5079528829
Total = 3,619.09
Step-by-step explanation:
Answer:
$3,619.09
Step-by-step explanation:
liam deposits $2400 into an account that earns 8.3% interest compounded quarterly.
Compound interest formula is
where A is the final amount
P is the initial amount deposited
r is the rate of interest
n is the compounding period
t is the time in years
P= 2400, r= 8.3%= 0.083, t=5, n=4 (quarterly)
Plug in all the values
A= 3619.09
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