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Frank deposited $100 into an account that earns 4% interest which is compounded 4 times per year. how much money will Frank have in his account in 3 years

Frank deposited $100 into an account that earns 4% interest which is compounded 4 times per year. how much money will Frank have in his account in 3 years
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Frank deposited $100 into an account that earns 4% interest which is compounded 4 times per year. how much money will Frank have in his account in 3 years

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User Paxton
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1 Answer

2 votes
A = P( 1 + r/n)^(nt)
A = 100(1 + .04/4)^12
A = 100(1.01)^12
A = 112.68
answered
User Hamobi
by
7.9k points
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