PLEASE HELP kelly invested $1875 in a savings account which earns 3.35% interest compounded quarterly what will the account be w
1 answer:
The account will be worth $2368.20 in 7 years.
The compound interest formula is
where p is the principal invested, r is the interest rate as a decimal number, n is the number of times the interest is compounded yearly, and t is the amount of time.
3.35% = 3.35/100 = 0.0335.
Using our information, we have:
which comes out to $2368.20.
The compound interest formula is
where p is the principal invested, r is the interest rate as a decimal number, n is the number of times the interest is compounded yearly, and t is the amount of time.
3.35% = 3.35/100 = 0.0335.
Using our information, we have:
which comes out to $2368.20.
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