Stan’s savings account has a balance of $2257. After 5 years, what will the amount of interest be at 10% compounded quarterly

2 answers
Question:

Stan’s savings account has a balance of $2257. After 5 years, what will the amount of interest be at 10% compounded quarterly

Answers

Hi there:)First find the future valueThe formula isA=p (1+r/k)^ktA future value?P present value 2257R interest rate 0.10K compounded quarterly 4T time 5 yearsA=2,257×(1+0.10÷4)^(4×5)A=3,698.36Now find the amount of interestI=A-pI=3,698.36−2,257I=1,441.36Hope it helps

Answer:$1441.36Step-by-step explanation:

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