Question

You deposit 2000 in an account that pays 10% interest compound quarterly how much do you have in 3 years

Answer 1

2689.78

Explanation:

FV = PV ( 1 +
`(r)/(m)`)^mn

FV = Future value

P = Present value = 2000

R = interest rate = 10%

N = number of years = 3

M = number of compounding = 4

2000 x (1 + 0.1/4)^4x3 = 2689.78