SOLUTION: $1000 is invested in an account that pays 4.5% compounded quarterly. What will the balance be after 10 years?

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Question 1134514: $1000 is invested in an account that pays 4.5% compounded quarterly. What will the balance be after 10 years?
Found 2 solutions by mathsolverplus, ikleyn:
Answer by mathsolverplus(88) About Me  (Show Source):
You can put this solution on YOUR website!
Formula:
A=P%281%2Br%2Fn%29%5E%28nt%29
A represents the final balance
P represents the initial balance
r represents the interest rate
n represents the amount of times that the interest will compound per year
t represents the number of years
A=1000%281%2B0.045%2F4%29%5E%284%2A10%29
A=6257.5


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Answer by ikleyn(52790) About Me  (Show Source):
You can put this solution on YOUR website!
.

            Calculations and the answer by @mathsolverplus are  WRONG,  which is  OBVIOUS  and is seen even by unarmed eye.

            I came to provide a correct solution. 

Formula: 

FV = P%281%2Br%2Fn%29%5E%28nt%29


FV represents the Future Value

P represents the initial balance

r represents the yearly interest rate

n represents the amount of times that the interest is compounded per year

t represents the number of years


FV = 1000%281%2B0.045%2F4%29%5E%284%2A10%29 = 1564.38  dollars.    ANSWER