$500.00 is deposited in an account that pays 3.5% compounded quarterly. what will the balance be after 12 years

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25-11-2018
Mathematics

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$500.00 is deposited in an account that pays 3.5% compounded quarterly. what will the balance be after 12 years

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potatonite potatonite · Answer 1 · 2018-11-25T22:13:17+01:00

potatonite potatonite

25-11-2018

The balance of the deposited account after 12 years is calculated as follows:
[tex] a = p(1 + \frac{r}{n} )^{nt}\\ a = 500(1 + \frac{0.035}{4} )^{4(12)} \\ a = 500(1 + 0.00875 )^{48}[/tex]
[tex]a = 500(1.00875 )^{48} \\ a = 759.59[/tex]

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