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01-10-2019
Mathematics

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Find the balance in the account after the given period. $700 principal earning 2.25%, compounded quarterly, after 6 years

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sqdancefan sqdancefan

04-10-2019

Answer:

$800.87

Step-by-step explanation:

The compound interest formula tells you the amount A resulting from investment of principal P at rate r compounded n times a year for t years:

A = P(1+r/n)^(nt)

Filling in the given numbers and doing the arithmetic, we get ...

A = $700(1 +.0225/4)^(4·6) ≈ $800.87

The account balance will be $800.87.

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