Question

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?

Answer 1

$3,825.98
not much huh?

Answer 2

3 years = 12 periods
.06 per year = .015 per period
so
3200 * 1.015^12 = 3825.98 indeed