Lacey deposited $4,860 in a new credit union savings account on the first day of the quarter. The principal earns 4% interest co

Question

3 years ago

8

mpounded quarterly for 6 months.(a) the amount

1 answer:

Softa [21] · Answer 1 · 2022-07-09T17:22:54+03:00

Softa [21]3 years ago

7 0

Answer:

$4956.23 approx

Step-by-step explanation:

Given data

P= $4860

R= 4%

T= 6 months = 0.5 years

Applying the compound interest formula we have

A=P(1+r)^t

Substitute

A=4860(1+0.04)^0.5

A= 4860(1.04)^0.5

A=4860*1.0198

A=4956.228

Hence the balance will be $4956.23 approx