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Katie opened a savings account and deposited 1,000.00 as principal the account earns 4% interest compounded quarterly what is the balance after 6 years

Respuesta :

P = $1000

r = 4% = 4/100 = 0.04

t = 6 years

Therefore,

[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ A=1000(1+\frac{0.04}{4})^{4\times6} \\ A=1000\times1.26973464853 \\ A=1269.73464853 \\ A=\text{ \$1269.73} \end{gathered}[/tex]

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