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Suppose $2000 is deposited in an account paying 2.5% interest compounded quarterly. What will the account balance be after 12 years?

Suppose $2000 is deposited in an account paying 2.5% interest compounded quarterly. What will the account balance be after 12 years?
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Suppose $2000 is deposited in an account paying 2.5% interest compounded quarterly. What will the account balance be after 12 years?

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User Larron
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1 Answer

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A=p(1+i/m)^mn
A=2000(1+0.025/4)^4*12
A=2,697.2
answered
User Fernando Rincon
by
9.0k points
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