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A total of $37185 is invested at an annual interest rate of 2% compounded quarterly. Find the balance after 11 years.

A total of $37185 is invested at an annual interest rate of 2% compounded quarterly. Find the balance after 11 years.
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A total of $37185 is invested at an annual interest rate of 2% compounded quarterly. Find the balance after 11 years.

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User Chris Riebschlager
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8.1k points

1 Answer

5 votes
A=37,185×(1+0.02÷4)^(4×11)
A=46,309.97
answered
User Seif Sayed
by
8.1k points
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