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4. A deposit of $4000 is made into a savings account that pays 2. 48% annual interest rate compounded quarterly.

A = P(1 + 3)"

A - amount in account

P = principal invested

r = annual interest rate

n = number of times per year that interest is compounded

t = number of year

How much money will be in the account after three years?

Respuesta :

samuelonum1

The total amount accrued, principal plus interest, with compound interest on a principal of $4,000.00 at a rate of 2.48% per year compounded 4 times per year over 1 years is $4,100.13.

Compound interest Calculation

Given Data

  • Principal p= $4000
  • Rate r = 2.48%
  • Time = 1 year

A = P + I where

P (principal) = $4,000.00

I (interest) = $100.13

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 2.48/100

r = 0.0248 rate per year,

Then solve the equation for A

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

A = 4,000.00(1 + 0.0248/4)^(4)(1)

A = 4,000.00(1 + 0.0062)^(4)

A = $4,100.13

Learn more about Compound interest here:

https://brainly.com/question/24924853

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