Question

Felipe Rivera's savings account has a balance of 2163 After 3yrs what will the amount of interest be at 4% compounded quarterly

Answer 1

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$2163\\ r=rate\to 4\%\to (4)/(100)\dotfill &0.04\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, thus four} \end{array}\dotfill &4\\ t=years\dotfill &3 \end{cases} \\\\\\ A=2163\left(1+(0.04)/(4)\right)^(4\cdot 3)\implies A=2163(1.01)^(12)\implies A\approx 2437.3225`