Question

May i get some help Fast please

Mr. Fernandez deposits $60,000 into an account that pays 2.5% annual interest compounded quarterly. What will be the balance after 20 years? Round to the nearest cent

Answer 1

:Answer: $90000

i = prt (interest = principle x rate x time)

i = 60000 x 0.025 x 20

i = $30000 interest

b = p + i (balance = principle + interest)

b = 60000 + 30000

b = $90000 balance