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Frank deposited $100 into an account that earns 4% interest which is compounded 4 times per year. How much money will Frank have in his account in 3 years?

Frank deposited $100 into an account that earns 4% interest which is compounded 4 times per year. How much money will Frank have in his account in 3 years?
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3 votes
Frank deposited $100 into an account that earns 4% interest which is compounded 4 times per year. How much money will Frank have in his account in 3 years?

User Rahul Mankar
by
8.0k points

1 Answer

5 votes
A=100×(1+0.04÷4)^(4×3)
A=112.68
User Ckal
by
8.7k points
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