SOLUTION: Suppose you invest $250 in an account that pays 4.5% interest compounded quarterly. After 30 months, how much is in your account?

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Question 730041: Suppose you invest $250 in an account that pays 4.5% interest compounded quarterly.
After 30 months, how much is in your account?

Found 2 solutions by lynnlo, ikleyn:
Answer by lynnlo(4176) (Show Source):
You can put this solution on YOUR website!
$280.85

Answer by ikleyn(53427) (Show Source):
You can put this solution on YOUR website!
.
Suppose you invest $250 in an account that pays 4.5% interest compounded quarterly.
After 30 months, how much is in your account?
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In this problem, 30 months is 30/3 = 10 quarters. So, there were 30 compounding. The standard formula for compounded account gives the future value FV = = 279.59 dollars. ANSWER

Solved.