Question

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?

Answer 1

A = P(1 + r/n)^(nt)

where P is the principal ($798), r is the interest rate as a decimal (0.031), n is the number of times compounded per year (4, since quarterly), t is time (21 years), and A is the final amount after interest

plug in P, r, n, t, and evaluate A