Asked by kathy

if on the first of january a savings acctount has a balance of 3,200. what amount will be in this account after 3 years if the bank gives 6% per year interest compounded quarterly?

Answers

Answered by Jamie
$3,825.98
not much huh?
Answered by Damon
3 years = 12 periods
.06 per year = .015 per period
so
3200 * 1.015^12 = 3825.98 indeed
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