In second grade Eliza was given 500 from her grandparents this money was deposited into a savings account that earns 3% annual interest compounded quarterly find the account balance at graduation is there no other deposits or withdrawals in the account

account balance at graduation is 674.17

Step-by-step explanation:

given data

deposit money P  =  500

interest rate = 3 % compounded quarterly

we take time period = 10 year ( 2nd grade to 12 grade)

solution

we apply here compound interest formula that is

amount =      ..................1

put here value and we get

amount =

amount = 674.174

so account balance at graduation is 674.17