Question

Suppose that $2000 is invested at a rate of 4.3% compounded quarterly. Assuming that no withdrawals are made, find the total amount after 3 years. Round your answer to the nearest cent

Answer 1

Given the following question:

2000 investment

4.3% compounded quarterly

Around a 7 dollar increase

`(2000*4.3)/(100)=2000*4.3=8600/100=86`

2000 = 2273.81

After 3 years you will have a total amount of $2,273.81

With a interest rate of 273.81 after three years