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Jocelyn invested $8,600 in an account paying an interest rate of 3.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred …

Jocelyn invested $8,600 in an account paying an interest rate of 3.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred …
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Jocelyn invested $8,600 in an account paying an interest rate of 3.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 15 years?

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User Scorb
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1 Answer

3 votes
A = P*(1 +r/n)^(n*t)
A = $8,600*(1 +.031/4)^(4*15)
A ≈ $13,700

About $13,700 will be in Jocelyn's account after 15 years.
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User Pleshy
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