Question

Natalie invests $3,686 in a retirement account with a fixed annual interest rate of 7% compounded 4 times per year. what will the account balance be after 18 years?

Answer 1

12,853.85568

Explanation:

`A=P(1+(r)/(n))^(nt)`

A= final amount

P= inital principal balance

r= interest rate

n= number of times interest applied per time period

t= numbers of period

`A=3,686(1+(.07)/(4))^((4)(18))`