Hannah invested $4000 in a savings account that that earned 2% interest compounded quarterly. she determined that if she does no
1 answer:
Answer:
Her account balance after 3 years is $4,246.71
Step-by-step explanation:
In this question, we are tasked with calculating what Hannah's account balance will be after 3 years and the error she made in her calculations
Mathematically, to calculate the account balance after 3 years, we use the formula for the compound interest as follows.
Mathematically, the amount A earned on a compound interest is calculated as
A = P
where A is the account balance after the number of years which is what we want to know
P is the initial amount invested which is $4000
r is the interest rate which is 2%(2/100 = 0.02) according to the question
n is the number of times interest is compounded per year which is 4(quarterly means every 3 months)
t is the number of years which is 3
We plug the values into the question;
A = 4000(1 + 0.02/4)^(3)(4)
A = 4000(1+0.005)^12
A = 4000(1.005)^12
A = $4,246.71
P.S ; I do not see Hannah's calculation and as such I cannot spot where she made the error in her calculations
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