Question

You deposit 2000 in an account that pays 10% interest compound quarterly how much do you have in 3 years

Answer 1

Answer:

2689.78

Step-by-step explanation:

FV = PV ( 1 + $\frac{r}{m}$)^mn

FV = Future value  

P = Present value  = 2000

R = interest rate   = 10%

N = number of years  = 3

M = number of compounding  = 4

2000 x (1 + 0.1/4)^4x3 = 2689.78