Question

Use the given information to find the amount aa in the account earning compound interest after 6 years when the principal is $3500. r=2.16%r=2.16%, compounded quarterly the amount after 6 years is $ .

Answer 1

Answer: $3,982.92

Explanation:

$3,982.92

Equation for compound interest:

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

P = 3500

r = .0216

n = 4

t = 6

Answer 2

$3,982.92

Equation for compound interest:
A = P (1+r/n)^nt

P = 3500
r = .0216
n = 4
t = 6