denversatterfield69 denversatterfield69
  • 14-06-2021
  • Mathematics
contestada

You deposit $3000 in a bank account that pays 4% annual interest. Find the balance after 7 years if the interest is compounded quarterly.​

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oceaniajohnson6 oceaniajohnson6
  • 14-06-2021

Answer:

$3840.

Step-by-step explanation:

First, write down the formula: I= PRT (Interest= Principle, rate, time). Then you multiply all of the numbers (3000x0.04x7). You get 840, but then you need to add it to the $3000 which already exist, therefor you get your answer of $3840.

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