Stan’s savings account has a balance of $2257. After 5 years, what will the amount of interest be at 10% compounded quarterly?

Question

anonymous · Answer

Just need help with the formula since i lost mine

zehanz · Answer

After 1 quarter, Stan has 100%+10%=110%, so the amount is multplied with 1.1.
This is done every quarter, so the formula is: $S(q)=2257\cdot1.1^q$, where S is the money on the account and q is the number of quarters passed.
To calculate the total after 5 years, set q=20 in the formula.

anonymous · Answer

calculated about $3.698,36 I think

anonymous · Answer

Using 2257 (1+0.1/4)^4x5

anonymous · Answer

forgot to close this lol