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OpenStudy (anonymous):
Stan’s savings account has a balance of $2257. After 5 years, what will the amount of interest be at 10% compounded quarterly?
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OpenStudy (anonymous):
Just need help with the formula since i lost mine
OpenStudy (zehanz):
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.
OpenStudy (anonymous):
calculated about $3.698,36 I think
OpenStudy (anonymous):
Using 2257 (1+0.1/4)^4x5
OpenStudy (anonymous):
forgot to close this lol
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