Question

$2100.00 is invested in anaccount with a 3.8% interest ratethat is compounded quarterly.How much money is in theaccount at the end of one year?

Answer 1

Given

`\begin{gathered} P=\text{ \$2100} \\ R=3.8\text{ \%} \\ n=(3)/(12)=(1)/(4)=0.25 \end{gathered}`

Formula

`A=P(1+(r)/(n))^(nt)`

Substitute the given into the formula

The final balance is ₦2,180.94