Question 17
<pre>Find the balance of the account. The problem is: $3,800 principal earning 2%
compounded quarterly after 7yrs. I understand how to figure an equation that
earns annually but not sure what # to use for quarterly interest Tk you
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<b>The formula is
{{{A = P*(1+r/n)^(n*t)}}}
where
A = balance in the account after t years
P = the original (starting) amount in the account
r = the interest rate expressed as a decimal, not a percent
n = the number of times per year the interest is accrued
t = the number of years 

In your problem
A = ? 
P = $3800, starting amount
r = .02 (2% expressed as a decimal)
n = 4 (times a year, since it's compounded quarterly)
t = 7 (the number of years

{{{A = P*(1+r/n)^(n*t)}}}
becomes
{{{A = (3800)*(1 + 0.02/4)^(4*7)}}}
A = $4360.515918 which rounded to the nearest penny is $4360.52
Edwin <font face = "wingdings" size = 6 color = "red">J</font>