Question

Dylan invested $93,000 in an account paying an interest rate of 3% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 17 years?

Answer 1

The final balance is $154,577.63 or

The total compound interest is $61,577.63

Step-by-step explanation:

Answer 2

The answer is 694087.51.

How much money would be in the account after 17 years?

There are four quarters in a year 3

The balance of the account after 17 years:

93000 × (1+3%)$^{4*17}$ =

≈ 694087.51

What is compound interest?

Compound interest is the interest you earn on interest. This can be illustrated by using basic math: if you have $100 and it earns 5% interest each year, you'll have $105 at the end of the first year. At the end of the second year, you'll have $110.25.

Learn more about compound interest here: brainly.com/question/24924853

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