9th out of 10 questions
2 answers:
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Answer:
$1,179
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, lets change 2.6% into a decimal:
2.6% -> -> 0.026
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
The account balance after 10 years will be $1,179
Hey!
Let's write it,
Add
to both sides,
Subtract
from both sides.
Since we don't want a negative variable, we have to divide both sides by
.
Our answer would be,
Thanks!
-TetraFish
Let's write it,
Add
Subtract
Since we don't want a negative variable, we have to divide both sides by
Our answer would be,
Thanks!
-TetraFish