Question

You deposit $1,600 in a bank account. Find the balance after 3 years if the account pays 2.4% annual interest compounded quarterly.

Answer 1

They made $8.8 a hour 

Answer 2

$1803.34 will be the balance after 3 years if the account pays 2.4% annual interest compounded quarterly

What is Compound interest?

Compound interest is the interest on a loan or deposit that accrues on both the initial principal and the accumulated interest from previous periods.

let's call the amount of money A, the initial amount P, the yearly rate r, the number of compounds per year n.

$A = P(1 + \dfrac{r}{n})^{(nt)$

$A = 1600(1 + \dfrac{.024}{4})^{((4)(5)$

$A = 1600(1.006)^{(20)$

$A = \ 1803.34$

Hence $1803.34 will be the balance after 3 years if the account pays 2.4% annual interest compounded quarterly

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