Question

Help please!

Answer 1

Earl has deposited $798 in a savings account that earns interest at a rate of 3.1% compounded quarterly. What will the account balance be in 21 years?

$1,034.95

$822.74

$2,473.80

$1,526.30

Answer 2

Any ideas?

Answer 3

@ElizabethScarlette are you still there?

Answer 4

I'm thinking it's 1,034.95

Answer 5

What makes you think that it's $1,034.95?

Answer 6

Because the interest rate is only 3.1, and 822 is too low, while the others are too high

Answer 7

Do you know the compound interest formula?

Answer 8

798*(1+0.031/4)^(21*4)

Answer 9

ohhh i get it now!

Answer 10

thank you!

Answer 11

thanks for trying to understand