Question

Frank deposited $100 into an account that earns 4% interest which is compounded 4 times per year. how much money will Frank have in his account in 3 years

Answer 1

A = P( 1 + r/n)^(nt)
A = 100(1 + .04/4)^12
A = 100(1.01)^12
A = 112.68