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Hello!
Lynne invested 35,000 into an account earning 4% annual interest compounded quarterly she makes no other deposits into the account and does not withdraw any money. What is the balance of Lynne's account in 5years
Data:
P = 35000
r = 4% = 0,04
n = 4
t = 5
P' = ?
I = ?
We have the following compound interest formula
So the new principal P' after 5 years is approximately $42,706.66.
Subtracting the original principal from this amount gives the amount of interest received:
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I Hope this helps, greetings ... Dexteright02! =)