nyelahyasmin nyelahyasmin

Today at 2:17 AM
Mathematics

Answered

Heather invests $3572 in a retirement account with a fixed annual rate of 5% compounded 4 times per year what will the account balance be after 16 years

Answer :

samuelonum1 samuelonum1

Today at 2:22 AM

Answer:

$7910.3

Step-by-step explanation:

Given data

P=$3572

n=4

T=16 years

R= 5%

The compound interest is expressed as

A= P(1+r/n)^nt

Substitute

A=3572(1+0.05/4)^16*4

A=3572(1+0.0125)^64

A=3572(1.0125)^64

A=3572*2.21453241061

A=$7910.3

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