Ask Question
15 July, 18:51

Hilda has deposited $874 in a savings account that earns interest at a rate of 3.2% compounded quarterly. What will the account balance be in seven years?

+4
Answers (1)
  1. 15 July, 18:57
    0
    The formula is

    A=p (1+r/k) ^kt

    A future value?

    P present value 874

    R interest rate 0.032

    K compounded quarterly 4

    T time 7 years

    A=874 * (1+0.032:4) ^ (4*7) = 1,092.46
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Hilda has deposited $874 in a savings account that earns interest at a rate of 3.2% compounded quarterly. What will the account balance be ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers