Question

Eva plus $4500 into a savings account that had a 1.25 inches rate if the bank compounds quarterly and Ava leave the money in the account for 15 years what is your total investment

Answer 1

$5426.45

Explanation:

Using the formula

APY= P(1+
`(r)/(n)`
`)^(n*t)`

P - principal

r - interest rate

n - number of compound periods

t- time

APY = 4500(1+.0125/4)^60 = $5426.45