Question

Item 15 write a function that represents the situation. find the balance a in the account after the given time period t. $2000 deposit that earns 5% annual interest compounded quarterly; 5 years

Answer 1

`fv=pv*(1+r)n^(2)`

pv = previous value =2,000

r =rate= .05/4

n= number of periods = 5*4=20

This is the formula.