Question

Find the future value of $600 invested
at 4% interest compounded quarterly
for 10 years

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$600\\ r=rate\to 4\%\to (4)/(100)\dotfill &0.04\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, thus four} \end{array}\dotfill &4\\ t=years\dotfill &10 \end{cases} \\\\\\ A = 600\left(1+(0.04)/(4)\right)^(4\cdot 10) \implies A \approx 893.32`