Question 567632
how to find the balance when you have $20,000 deposit earning 3.5% compound quarterly, after 10 years 
:
The compound interest formula: {{{A = P(1+(r/n))^(nt)}}}
Where:
A = amt after t yrs
P = initial amt (principal)
r = interest rate in decimal form
n = no. of compounding periods per year
t = no. of yrs
:
In this problem
{{{A = 20000(1+(.035/4))^(4*10)}}}
{{{A = 20000(1+.00875)^40}}}
{{{A = 20000(1.00875)^40}}}
find the value of 1.00875^40 on a calc
A = 20000*1.41691
A = $28,338.18 after 10 yrs