you deposit $1600 in a bank account. find the balance after 3 years if the account pays 1.75% annual interest compounded quarter
ly
2 answers:
9514 1404 393
Answer:
$1686.05
Step-by-step explanation:
The amount with compound interest is ...
A = P(1 +r/n)^(nt)
for principal P earning annual rate r compounded n times per year for t years.
A = $1600(1 +0.0175/4)^(4·3) = $1686.05
The balance after 3 years is $1686.05.
Answer:
the answer is $1686.05
Step-by-step explanation:
:))
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