Question

An amount of $2,535.00 is deposited in a bank paying annual interest rate of 5.3% compounded quarterly find the balance after 3 years

Answer 1

5.3% of $2,535.00 = $134.35

$134.35 per year x 3 years = $406.05

$2,535.00 + $406.05 = $2,941.05

Answer : $2,941.05