Matthew invests $500 into an account with a 2.5% interest that is compounded quarterly. How much money will he have in this acco unt if he keeps it for 10 years? Round your answer to the nearest cent. D
2 answers:
Answer:
$642
Step-by-step explanation:
Use the compound interest formula and substitute the correct values: A=500(1+0.025/4)
Simplify by using order of operations: A=500(1.00625)
Answer:
$641.4
Step-by-step explanation:
500(1 + 0.025/4)⁴⁰
= 641.5134103
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EXPLANATION
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