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Find the balance in the account. $2,500 principal earning 4%, compounded quarterly, after 4 yearsA....
4 months ago
Q:
Find the balance in the account. $2,500 principal earning 4%, compounded quarterly, after 4 yearsA. $40,000.00B. $41,600.00C. $2,924.65D. $2,931.45
Accepted Solution
A:
Hello there,
A(4) = 2500(1.01)^16
----
A(4) = 2500*1.1726
----
A(4) = $2931.45
Hope this helps!