Question

I will fan and medal
Gavin deposited $220 into his savings account that is compounded quarterly at an annual rate of 9%. How much money will Gavin have in his account after 5 years if he makes no additional deposits?

Answer 1

Anyone please ive been stuck on this for an hour.

Answer 2

@2101vainilla

Answer 3

sorry, I don't know :(

Answer 4

@Kodes

Answer 5

The formula for annual compound interest is A = P (1 + r/n)^nt

Where:

A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for

So...

P = 220
r = 0.09
n = 4
t = 5