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20 May, 14:21

Dave deposits $400.00 each month into an annuity with a 3.25% interest rate compounded quarterly. What is the account balance after 10 years?

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Answers (2)
  1. 20 May, 17:16
    0
    I think it's 4,003.25 sorry if I got it wrong
  2. 20 May, 17:19
    0
    A = $552.89

    Step-by-step explanation:

    Use the compound amount formula A = P (1 + r/n) ^ (nt). n represents the number of times the interest is compounded per year and r is the interest rate as a decimal fraction.

    Here,

    A = $400 (1 + 0.0325/4) ^ (4*10)

    = $400 (1.3822)

    A = $552.89
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