Question

PLEASE HELP!

Jasmine invests $2658 in a retirement home account with a fixed annual interest rate of 9% compounded 4 times annually what will be the account balance after 5 years?

Answer 1

Answer: $4147.83

Work Shown:

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

A = 2658*(1+0.09/4)^(4*5)

A = 2658*(1+0.0225)^(20)

A = 2658*(1.0225)^(20)

A = 2658*1.56050920068472

A = 4147.83345541997

A = 4147.83