Question

Find the balance in the account with the following details. After giving the answer, show the equation that you used to find it.


$3,800 principal earning 7%, compounded quarterly, after 31 years

Answer 1

@gunsodo

Answer 2

Use formula,
Balance = 3800(1+7/400)^124

Answer 3

7/400 comes from 7/100 but divided to each quarter of the year

Answer 4

124??

Answer 5

124, from 31 years, but each 4 times

Answer 6

So 31 * 4 = 124

Answer 7

ahh ok

Answer 8

Sure, byee

Answer 9

I got 32662.649900872