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Dmitry [639]
3 years ago
9

Stan savings account has a balance of $4706. After 4 years what will the amount of interest be at 4% compounded quarterly?

Mathematics
2 answers:
kogti [31]3 years ago
4 0

Answer:

The amount = $5518

Step-by-step explanation:

Formula: compound interest

A = P[1 + r/4]^4N

A - amount

P - Principle amount

r - rate of interest

N - Number of years

It is given that, Stan savings account has a balance of $4706.

<u>To find amount of interest</u>

Here P = $4706

r = 4%

N = 4 years

A = P[1 + r/4]^4N

A = 4706[1 + .04/4]^4*4

A = 4706*1.17 = 5518

Therefore the amount = $5518

TiliK225 [7]3 years ago
3 0

Answer:

Final amount after 4 years will be $5518.

Step-by-step explanation:

From the given question Principal amount in the account of Stan = $4706

and we have to calculate amount after 4 years with 4% interest compounded quarterly.

Formula will be final amount A=A'(1+\frac{r}{n})^{nt}

Here A' = $4706

t = 4 years

n = number of times compounded = quarterly that will be 4

r = .04

A=4706(1+\frac{.04}{4})^{4\times 4}=4706(1+.01)^{16}

A=4706(1.01)^{16}=4706\times 1.17=$5518

So the final amount after four years will be $5518.

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