SOLUTION: Can you solve this problem please? A credit union client deposits $700 in an account earning 2.5% interest, compounded quarterly. What will the balance of the account be at the end

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Question 822268: Can you solve this problem please? A credit union client deposits $700 in an account earning 2.5% interest, compounded quarterly. What will the balance of the account be at the end of 15 years?
Enter the answer in dollars and cents, and round to the nearest cent, if needed
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi, In General A+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount

P= principal = 700

r= annual rate = .025

n= periods per year =  4

t= years = 15

A+=+700%281%2B.00625%29%5E%284%2A15%29

A+=+700%281.00625%29%5E%2860%29