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Hilda has deposited $874 in a savings account that earns interest at a rate of 3.2% compounded quarterly. What will the account balance be in seven years?
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Hilda has deposited $874 in a savings account that earns interest at a rate of 3.2% compounded quarterly. What will the account balance be in seven years?

User David Sugar
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1 Answer

1 vote
The formula is
A=p (1+r/k)^kt
A future value?
P present value 874
R interest rate 0.032
K compounded quarterly 4
T time 7 years
A=874×(1+0.032÷4)^(4×7)=1,092.46
User Farzher
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