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Ghella [55]
3 years ago
11

Phillip opened a savings account with an annual interest rate of 8% and an initial deposit of $3500. If his interest is compound

ed quarterly, how much is in Jeffrey’s account after 2 years? Round your answer to the nearest cent.
interest compounded quarterly: A equals P left parenthesis 1 plus r over 4 right parenthesis to the power of 4 t end exponent

$____
Mathematics
2 answers:
Kay [80]3 years ago
5 0
<span> 3500(1.02)^8 this should be the correct anwser</span>
Levart [38]3 years ago
3 0
The formula is A=p(1 + (r/n))^(nt)
A = 3500(1 + (.08/4))^(4*2)
A = 3500 ( 1.02)^8
A = $ 4100.81
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