2 years ago

1 poir

Mathematics

1 answer:

poizon [28]2 years ago

8 0

9514 1404 393

Answer:

$1790.99

Step-by-step explanation:

Given:

$1625 is invested at an annual rate of 1.95% compounded quarterly for 5 years

Find:

the ending balance

Solution:

The compound interest formula applies.

FV = P(1 +r/n)^(nt) . . . Principal P at rate r for t years, compounded n per year

FV = $1625(1 +0.0195/4)^(4·5) = $1625(1.004875^20) ≈ $1790.99

The account ending balance would be $1790.99.

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