anonymous
  • anonymous
Phillip opened a savings account with an annual interest rate of 8% and an initial deposit of $3500. If his interest is compounded quarterly, how much is in Jeffrey’s account after 2 years?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
Anyone? my guess is 1411.97
radar
  • radar
Think.......read the problem again....It is a savings account, you are not suppose to lose money in a savings account. You can assume the answer will be more than what he put in.
radar
  • radar
Step 1. Look up the compound interest rate formula. Post it when you got it and then we can walk you thru it.

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radar
  • radar
Here is a version that I use: \[A=P(1 + r/n)^{nt}\] Where A is the account balance. P is the principal amount. r is the interest rate in decimal n is the number of compounds per years t is the number of years.

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