Question

PLEASE HELP WILL GIVE MEDAL
Suppose that when your friend was born, your friends parents deposited $4000 in an account paying 4.1% interest compounded quarterly. what will the account balance be after 15 years?

Answer 1

You'll need to use the compound amount formula:
\[A=P(1+\frac{ r }{ n })^{nt}\]

Answer 2

where P is the principal (original $ amount), r is the annual interest rate, n is the number of times that interest is paid each year, and n is the number of years.

Answer 3

thank you