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choli [55]
3 years ago
12

Galvin has deposited $879 in a savings account that earns interest at a rate of 1.8% compounded quarterly.what will the account

balance be in 14 years?
Business
1 answer:
Tju [1.3M]3 years ago
3 0

$1,130.28

Formula is A = P (1 + [r/n])^(nt)

A= 879 (1+ [.018/4])^(4*14)

A= 879 (1.0045)^56

A= $1,130.28

A = future total amount

P = principle (amount initially deposited)

r = the annual interest rate (decimal)

n = times that interest is compounded per year  (quarterly is 4 times per year)

t = number of years

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