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30 October, 11:12

Find the balance in the account. $2,500 principal earning 4%, compounded quarterly, after 4 years

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  1. 30 October, 14:37
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    Formula:

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

    A (4) = 2500 (1 + (0.04/4)) ^ (4*4)

    A (4) = 2500 (1.01) ^16

    A (4) = 2500*1.1726

    A (4) = $2931.45
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