Mathematics: You deposit $4200 in a savings account that has a rate of 4%. the interest is compounded quarterly. how much money will you have after 10 years

C. You need to put number that can be raised to the 3rd power...

You deposit $4200 in a savings account that has a

alosnomolina1122

11.03.2022

$\$6,253.23$

Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

$t=10\ years\\ P=\$4,200\\ r=0.04\\n=4$

substitute in the formula above

$A=\$4,200(1+\frac{0.04}{4})^{4*10}=\$6,253.23$

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