Find trusted answers to your questions with the help of IDNLearn.com's knowledgeable community. Ask your questions and get detailed, reliable answers from our community of experienced experts.

Walters savings account has a balance of $273. After 5 years, what will the amount of interest be at 5% compounded quarterly?

Sagot :

The answer is $350

The formula is as follows: [tex]P(1+r/n) ^{nt} [/tex]

P: Principal Amount : $273
r: Rate of interest: 5%
n: number of times the interest is compounded: 4 (Since Quarterly)
t:  number of years : 5