Question

620 is invested in an account earning 5.5%interest APR, compounded quarterly. Write a function showing the value of the account after t years

Answer 1

Y=620×((1+(0.055÷4))^(4t)

Explanation:

Y=X ((1+(r/n))^(nt)

Y future value

X present value 620

R interest rate 0.055

N compound quarterly 4

T time