Question

You deposit $3000 in an account that pays 3.25% annual interest. Find the balance after 7 years if the interest is compounded quarterly.

Answer 1

Answer: $3762.91

Work Shown:

A = P*(1+r/n)^(n*t)

A = 3000*(1+0.0325/4)^(4*7)

A = 3762.91169916373

A = 3762.91