Question 372297: james savings account earns 7% interest compounded quarterly. james deposited $950. find the balance after 22 months Found 2 solutions by stanbon, robertb:Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! james savings account earns 7% interest compounded quarterly. james deposited $950. find the balance after 22 months
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A(t) = P(1+(r/n))^(nt)
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A(22/12) = 950(1+(0.07/4))^(4*(22/12))
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A(22/12) = 950(1.1357)
A(22/12) = $1078.88
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Cheers,
Stan H.
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