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givi [52]
3 years ago
5

An account is opened with an initial deposit of \$3,000 and earns 4.1\% interest compounded quarterly What the account worth in

2 years?
Mathematics
1 answer:
vfiekz [6]3 years ago
8 0

Answer:

After 2 years the account worth will be $3225

Step-by-step explanation:

Initial Deposit (Principal Amount P) = $3000

Rate r = 4.1% = 0.041

Compounded quarterly = n = 4

Time t = 2 years

We need to find future value A

The formula used is: A=P(1+\frac{r}{n})^{nt}

Putting values in formula and calculating A

A=P(1+\frac{r}{n})^{nt}\\A=3000(1+\frac{0.041}{4})^{4*2} \\A=3000(1+0.01025)^{8} \\A=3000(1.01025)^8\\A=3000(1.085)\\A=3225

So, After 2 years the account worth will be $3225

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