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33 votes
33 votes
you deposit $1600 in a bank account. find the balance after 3 years if the account pays 1.75% annual interest compounded quarterly

User Ravikumar
by
2.3k points

2 Answers

11 votes
11 votes

Answer:

the answer is $1686.05

Explanation:

:))

User Kaspatoo
by
3.0k points
17 votes
17 votes

9514 1404 393

Answer:

$1686.05

Explanation:

The amount with compound interest is ...

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

for principal P earning annual rate r compounded n times per year for t years.

A = $1600(1 +0.0175/4)^(4·3) = $1686.05

The balance after 3 years is $1686.05.

User Rajib Biswas
by
3.1k points