SOLUTION: how to find the balance when you have $20,000 deposit earning 3.5% compound quarterly, after 10 years can you give me the steps please i understand how to do principal earning bu

Question 567632: how to find the balance when you have $20,000 deposit earning 3.5% compound quarterly, after 10 years
can you give me the steps please i understand how to do principal earning but i don't get deposit earning
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
how to find the balance when you have $20,000 deposit earning 3.5% compound quarterly, after 10 years
:
The compound interest formula:
Where:
A = amt after t yrs
P = initial amt (principal)
r = interest rate in decimal form
n = no. of compounding periods per year
t = no. of yrs
:
In this problem

find the value of 1.00875^40 on a calc
A = 20000*1.41691
A = $28,338.18 after 10 yrs

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