Question

you deposit $1600 in a bank account. find the balance after 3 years if the account pays 1.75% annual interest compounded quarterly

Answer 1

the answer is $1686.05

Explanation:

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Answer 2

9514 1404 393

Answer:

$1686.05

Explanation:

The amount with compound interest is ...

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

for principal P earning annual rate r compounded n times per year for t years.

A = $1600(1 +0.0175/4)^(4·3) = $1686.05

The balance after 3 years is $1686.05.