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16 August, 14:05

12) Melissa deposited $1,500.00 in an account that pays 6.5% interest compounded

quarterly. About what will the balance be in 7 years?

Equation:

A) $2,356.00

B) $937.00

C) $49,943.00

D) $21.00

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Answers (1)
  1. 16 August, 14:58
    0
    A) $2356.00

    Step-by-step explanation:

    Principal, p = $1,500.00

    Interest rate, r = 6.5%

    Period, t = 7 years

    compounded quarterly therefore, n = 4

    Amount, A = P (1 + r/n) ^ n*t

    A = 1500 (1 + 0.065/4) ^ 4*7

    A = 1500 (1 + 0.016) ^28

    A = 1500 (1.016) ^28

    A = 1500 * 1.57

    A = $2356.00
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