Question

Camille opened a savings account and deposited $8,063.00 as principal. The account earns 14.69% interest, compounded quarterly. What is the balance after 10 years?

Use the formula A=P1+
r

n
nt, where A is the balance (final amount), P is the principal (starting amount), r is the interest rate expressed as a decimal, n is the number of times per year that the interest is compounded, and t is the time in years.
Round your answer to the nearest cent.

Save answer

Answer 1

Answer:$26,141.13.

Explanation:

Using the formula A = P * (1 + r/n)^(n*t), where A is the balance, P is the principal, r is the interest rate, n is the number of times per year that the interest is compounded, and t is the time in years, we can calculate the balance in the savings account after 10 years:

A = 8,063.00 * (1 + 0.1469/4)^(4*10)

A ≈ 26,141.13

Therefore, the balance in the savings account after 10 years, rounded to the nearest cent, is $26,141.13.