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

Question

Mathematics

Lane Wallace

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

+4

Answers (1)

Know the Answer?

Ivy Cooke · Answer 1

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

12) Melissa deposited $1,500.00 in an account that pays 6.5% interest compoundedquarterly. About what will the balance be in 7 years?Equation:A) $2,356.00B) $937.00C) $49,943.00D) $21.00

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