You deposit $3000 in an account that pays 3.25% annual interest. Find the balance after 7 years if the interest is compounded quarterly.

asked Dec 1, 2024 233k views

0 votes

7.5k points

Please log in or register to add a comment.

6 votes

Work Shown:

A = P*(1+r/n)^(n*t)

A = 3000*(1+0.0325/4)^(4*7)

A = 3762.91169916373

A = 3762.91

Panos answered Dec 7, 2024

by Panos

8.9k points

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers