nicoleegarcia0 nicoleegarcia0
  • 03-04-2021
  • Mathematics
contestada

you deposit $1600 in a bank account. find the balance after 3 years if the account pays 1.75% annual interest compounded quarterly

Respuesta :

sqdancefan
sqdancefan sqdancefan
  • 03-04-2021

9514 1404 393

Answer:

  $1686.05

Step-by-step explanation:

The amount with compound interest is ...

  A = P(1 +r/n)^(nt)

for principal P earning annual rate r compounded n times per year for t years.

  A = $1600(1 +0.0175/4)^(4·3) = $1686.05

The balance after 3 years is $1686.05.

Answer Link
elephantlover1288
elephantlover1288 elephantlover1288
  • 05-04-2021

Answer:

the answer is $1686.05

Step-by-step explanation:

:))

Answer Link

Otras preguntas

facts about the Virginia plan
What is a good sentence for the word orbit?
What does ayudando mean?
I Am A Number That Is Double The Product Of 2 And 7. One Of My Factors Is 7 What Is My Other factor
What is 7% tax on a $9.79 purchase
How many quarts are in 2 and 3/4 of a gallon
what is 2.5 % of 16 ?
Why was Charles Darwin considered to be a revolutionary?
Which statement is always true about a trapezoid?1.it has 2 congruent sides.2. It has 2 right angles3. It has no congruent angles4. It has exactly 2 parallel si
Why was Charles Darwin considered to be a revolutionary?