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Gisele deposits $3,500 into an account that earns 3% interest, compounded quarterly. What will be the balance of the account after 4 years? Round to the nearest cent, if necessary.
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Gisele deposits $3,500 into an account that earns 3% interest, compounded quarterly. What will be the balance of the account after 4 years?

Round to the nearest cent, if necessary.

User Dan Dohotaru
by
5.1k points

1 Answer

5 votes

Answer: $ 875

Explanation:

3,500-0.03(4)

3,499.97/4

= $875

User Bodhi
by
4.7k points
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