Question

Suppose that when your friend was​ born, your​ friend's parents deposited ​$2000 in an account paying
4.9​% interest compounded
quarterly. What will the account balance be after
15 ​years?

Answer 1

Answer:

$4152.38

Step-by-step explanation:

The formula for compound-interest is given as $A=P(1+\frac{r}{n} )^{nt}$, where P is the principal (starting) amount, r is the interest rate as a decimal, n is the number of compoundings occuring per year, and t is the time expressed in years. Now we solve...

$A=2000(1+\frac{0.049}{4})^{4*15}$

A = $4152.38