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

Question

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] · Answer 1 · 2022-05-30T07:36:50+03:00

Kay [80]3 years ago

5 0

<span> 3500(1.02)^8 this should be the correct anwser</span>

Levart [38] · Answer 2 · 2022-05-30T05:15:16+03:00

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