How many even numbers are there between 1 to 540
2 answers:
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Answer:
$5,593.60
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 2.25% into a decimal:
2.25% -> -> 0.0225
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
<u>The balance will be $5,593.60</u>