SOLUTION: you deposit $3000 in an account that pays 6% annual interest. find the balance after 2 years if the interest is compounded quarterly?
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Question 309747: you deposit $3000 in an account that pays 6% annual interest. find the balance after 2 years if the interest is compounded quarterly? Answer by palanisamy(496) (Show Source):
You can put this solution on YOUR website! P = $ 3000
r= 6% = .06
the interest is compounded quarterly
n= 2 years
t = 4
Total amount after two years = P(1+r/t)^nt
=3000(1+.015)^8
=$ 3379.48
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