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camlewis00:
Jason's savings account has a balance of $2179. After 5 years, what will the amount of interest be at 6% compounded quarterly?
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bm717:
The formula for those equations will be A=P(1+r)^t.
bm717:
And you would have to insert the numbers in there. A=2179(1+(0.06/4)^5*10
bm717:
P is the original amount of money you had, thats why that balance is there. You divide the 4 by the interest because it is QUARTERLY. And sorry, I made a mistake, but the time is supposed to be 5*4.
bm717:
A=2179(1+(0.06/4)^5*4
bm717:
If i did this right, the answer would be 2934.80
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sillybilly123:
yep
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