find the balance in the account.
$500 principal earning 4% compounded quarterly, after 6 years.

Question

find the balance in the account. 
$500 principal earning 4% compounded quarterly, after 6 years.

lexipoo1998 · Answer

I think its $620

lexipoo1998 · Answer

cuz its 500 * .04=20 *6 = 120
so then i did 120+500 and got 620. Unless i misread the question or made a mistake i think that is right

anonymous · Answer

i understand how you did it but for some reason that answer isnt shown on my work. is there possibly another way of figuring it out?

lexipoo1998 · Answer

Oh um..... Well what are you answer choices?

anonymous · Answer

they are
A. 582.36
B. 613.58
C. 634.87

parthkohli · Answer

$$500\left(1 + \dfrac{4}{400}\right)^{6\times 4}$$calculator.

lexipoo1998 · Answer

hmmmmmmmmmm...... well I dont know how else to solve it to get one of those answers so hopefully someone else will be able to help you. Sorry.. ;/

parthkohli · Answer

$$500 \times (1.01)^{24}$$Enter that in yer calculator.

anonymous · Answer

no worries thanks for your help. and Ah okay thank you very much parthkohli