Question

Find the amount of money in an account after 9 years if $2300 is deposited at 8% annual interest compounded quarterly

Answer 1

4691.74

Explanation:

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

= 2300(1 + .08/4)^(4 * 9)

= 2300(1.02)³⁶

= 2300 * 2.039887

= 4691.74