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Sagot :
Based on the amount left in the account and the interest rate, the amount in the account after 20 years is $1,296.38.
Periodic Interest
You need to convert the interest from an annual interest rate to a quarterly one.
= 1.3% / 4
= 0.325%
Number of periods
= 20 years x 4
= 80 quarters
Amount after 20 years
= Amount x ( 1 + rate) ^ number of periods
= 1,000 x ( 1 + 0.325%)⁸⁰
= $1,296.38
In conclusion, the account would have $1,296.38.
Find out more about compound interest at https://brainly.com/question/25857644.
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