Question

.Jim opened an account with $400. The account pays three percent quarterly. How much is in the account at the end of two years? Round to the nearest dollar

Answer 1

We may have this planned like this:
two years is 8 quarters
Assuming simple interest,
You will use the formula
A = P(1+rt)
= 400(1+8*.03)
= 496
I think this is the answer:) Hope it helps a lot