Answered

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you deposit $1600 in a bank account. find the balance after 3 years if the account pays 1.75% annual interest compounded quarterly

Sagot :

sqdancefan

9514 1404 393

Answer:

  $1686.05

Step-by-step explanation:

The amount with compound interest is ...

  A = P(1 +r/n)^(nt)

for principal P earning annual rate r compounded n times per year for t years.

  A = $1600(1 +0.0175/4)^(4·3) = $1686.05

The balance after 3 years is $1686.05.

elephantlover1288

Answer:

the answer is $1686.05

Step-by-step explanation:

:))

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