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22 July, 05:14

Hilda has deposited $874 in a savings account that earns interest at a rate of 3.2% compounded quarterly. What will the account balance be in seven years?

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  1. 22 July, 07:15
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    The formula is

    A=p (1+r/k) ^kt

    A future value?

    P present value 874

    R interest rate 0.032

    K compounded quarterly 4

    T time 7 years

    A=874 * (1+0.032:4) ^ (4*7) = 1,092.46
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