Question

what is your balance in your account if you deposit $3500 into an account that pays 2.16% interest compounded quarterly for 6 years?

Answer 1

$3982.92

Explanation:

Quarterly compounded interest formula: A = P(1 + r/n)^nt

Step 1: Plug in known variables

A = 3500(1 + 0.0216/4)^24

Step 2: Solve

When you plug this into your calc, you should get 3982.92 as your final answer.