Question

Phil Nelson deposited $35,000 at Wachovia Bank at 3.5% interest

compounded quarterly. How much money will be in this account at
the end of the year?​

Answer 1

$36,241.20

Explanation:

Compounded Interest Rate Formula: A = P(1 + r/n)^nt

Since we are given P, r, n, and t, simply plug it into the formula:

A = 35000(1 + 0.035/4)⁴⁽¹⁾

A = 35000(1 + 0.00875)⁴

A = 35000(1.00875)⁴

A = 35000(1.03546)

A = 36241.2