Question

liam deposits $2400 into an account that earns 8.3% interest compounded quarterly. how much money will liam have in 5 years.

Answer 1

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 2

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

$A= P(1+ \frac{r}{n} )^{n*t}$

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

$A= 2400(1+ \frac{0.083}{4} )^{4*5}$

A= 3619.09