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3 years ago

Find the total amount after 2 years of an investment of $1500 in an account paying 4% interest, compounded quarterly.

1 answer:

8 0

The formula is
A=P(1+r/n)^nt
A future value?
P present value 1500
R interest rate 0.04
N compounded quarterly 4
T time 2 years
A=1,500×(1+0.04÷4)^(4×2)
A=1,624.29

So the answer is B
Hope it helps!

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