Question

Jordan deposits $100 into an account that earns 8.5% interest compounded three times a year. What is the balance in his account after 35 years? (Round to the nearest cent)​

Answer 1

9514 1404 393

Answer:

  $1879.58

Step-by-step explanation:

Use the given values in the given formula.

  $A = \ 100(1+\dfrac{0.085}{3})^{3\cdot35}\approx\ 1879.58$

The balance in Jordan's account after 35 years is $1879.58.