# Find the balance in the account after the given period. $700 principal earning 2.25%, compounded quarterly, after 6 years

1 answer

###### Question:

Find the balance in the account after the given period. $700 principal earning 2.25%, compounded quarterly, after 6 years

## Answers

Answer: $800.87Step-by-step explanation:The compound interest formula tells you the amount A resulting from investment of principal P at rate r compounded n times a year for t years: A = P(1+r/n)^(nt)Filling in the given numbers and doing the arithmetic, we get ... A = $700(1 +.0225/4)^(4·6) ≈ $800.87The account balance will be $800.87.

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