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Suppose that when your friend was​ born, your​ friend's parents deposited ​$2000 in an account paying 3.8 interest compounded quarterly. What will the account balance be af…

Suppose that when your friend was​ born, your​ friend's parents deposited ​$2000 in an account paying 3.8 interest compounded quarterly. What will the account balance be af…
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3 votes
Suppose that when your friend was​ born, your​ friend's parents deposited ​$2000 in an account paying 3.8 interest compounded quarterly. What will the account balance be after 14 years?

User Yongjun Lee
by
8.1k points

1 Answer

6 votes
A=2,000×(1+0.038÷4)^(4×14)
A=3,396.13
User Shayan Pooya
by
8.7k points
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